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The following table shows some data for an economy that produces only two goods: milk and honey. Year Milk Honey Price Quantity Price Quantity (Dollars)

The following table shows some data for an economy that produces only two goods: milk and honey.

Year Milk Honey
Price Quantity Price Quantity
(Dollars) (Quarts) (Dollars) (Quarts)
2020 1 150 2 100
2021 2 150 4 100
2022 2 300 4 200

The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed.

Year Nominal GDP Real GDP GDP Deflator
(Dollars) (Dollars)
2020 350 350 100
2021 700 350 200
2022 1,400 700 200

Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year.

Year Percentage Change In...
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 .

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