4 . Problems and Applications Q5 1. GDP 2. Percentage Computations Changes STEP: 1 of 2 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 2 100 2021 400 N 200 2022 400 200 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