1. GDP. 2. Percentage Computation. Changes

Problems & Applications (Ch 10) The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) ( Dollars) (Quarts) 2020 200 N 100 2021 1 400 N 200 2022 2 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022