Consider the following information about a simple country that produces two different goods: Year Price Milk...

Consider the following information about a simple country that produces two different goods:

Year	Price Milk	Quantity Milk	Price Cereal	Quantity Cereal
2014	$4	200	$5	300
2015	$4.50	250	$5.50	330
2016	$5	300	$6.00	350

From 2014 to 2015 the growth rate of nominal GDP was % ___?___

and the growth rate of real GDP was % ___?___

Enter a number rounded to two decimal places.

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Expert Solution

Rahul Sunny answered 1 year ago

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