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a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year. b. Did economic well-being rise more

a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year.

b. Did economic well-being rise more in 2017 or 2018? Explain.

Year Price of milk Quantity (litres) Price of honey Quantity (jars) 2016 1 100 2 50 2017 1 200 2 100 2018 2 200 4 100

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