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5. Problems and Applications Q5 1.GDP Computations 2.Percentage Changes STEP: 1 of 2 The following table...

5. Problems and Applications Q5

  • 1.GDP Computations
  • 2.Percentage Changes

STEP: 1 of 2

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

Using 2016 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)
2016
2017
2018
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