The following table shows some data for an economy that produces only two goods: milk and honey.
The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed.
|Year||Nominal GDP||Real GDP||GDP Deflator|
Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year.
Percentage Change In...
|Nominal GDP||Real GDP||GDP Deflator|
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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