Question

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 ._________

Answer 1