5.

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 H 100 2 50 2021 100 A 50 NN 2022 200 4 100 The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 200 200 100 2021 400 200 200 2022 800 400 200Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 2022 % % % From 2020 to 2021, did not change; and from 2021 to 2022, V did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in V .Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 2022 % % % From 2020 to 2021, did not change; and from 2021 to 2022, V did not change. Comparing the chang prices 2022, economic well-being increased more in output levelsCompute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 2022 % % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in output levels pricesCompute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 2022 % % % From 2020 to 2021, did not change; and from 2021 to 2022, did not change. Comparing the changes in 2021 and 2022, economic well-being increased more in 2021 Grade Final Ste TOTAL SCORE: 0.56/4 2022 (to complete this step and unlock the next st8. Problems and Applications Q8 Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,899.13 2015 18,219.3 17,386.7 2016 18,707.2 17,6592 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4 Source: \"National Economic Accounts.\"U.S. Bureau ofEconomic Analysis. The percentage change in nominal GDP from 2015 to 2016 was 2.9% V . The percentage change in real GDP from 2015 to 2016 was 2.2% V . True or False: The percentage change in real GDP from 2015 to 2016 was higher than the percentage change in real GDP from 2014 to 2015. True 0 False 8. Problems and Applications Q8 Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,8993 2015 18,219.3 17,386.7 2016 18,707.2 17,6592 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4 Source: \"National Economic Accounts."U. S. Bureau of Economic Analysis. The percentage change in nominal GDP from 2015 to 2016 was V . The percentage change in real GDP from 2015 to 2016 was True or False: The percentage change in real GDP from 2015 to higher than the percentage change in real GDP from 2014 to 2015. 0 True 0 False 8. Problems and Applications Q8 Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012 dollars) 2014 17,521.7 16,8993 2015 18,219.3 17,386.7 2016 18,707.2 17,6592 2017 19,485.4 18,050.7 2018 20,494.1 18,566.4 Source: \"National Economic Accounts.\"U.S. Bureau ofEconomicA The percentage change in nominal GDP from 2015 to 2016 The percentage change in real GDP from 2015 to 2016 was True or False: The percentage change in real GDP from 2015 to 2016 was higher than the percentage change in real GDP from 2014 to 2015. 0 True 0 False