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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 1 200 2 100
2021 1 400 2 200
2022 2 400 4 200

Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year.

Year Nominal GDP Real GDP GDP Deflator
(Dollars) (Dollars)
2020
2021
2022

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