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

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

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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) (Quarts) (Dollars) (Quarts)
2016 1 200 2 100
2017 1 400 2 200
2018 2 400 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)
2016 400 400 100
2017 800 800 100
2018 1,600 800 200

Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year.

Year

Percentage Change In...

Nominal GDP Real GDP GDP Deflator
2017      
2018      

From 2016 to 2017, _______ did not change; and from 2017 to 2018, ________ did not change.

Comparing the changes in 2017 and 2018, economic well-being increased more in ._________

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