Question: 3 . Problems and Applications Q5 1. GDP 2. Percentage Computations Changes STEP: 1 of 2 The following table shows some data for an economy

3 . Problems and Applications Q5

1. GDP 2. Percentage Computations Changes STEP: 1 of 2 The following table shows some data for an economy that produces only two goods: milk and honey. Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 H 200 2 100 2021 400 N 200 2022 N 400 4 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022 Grade Step 1 TOTAL SCORE: 0/4 (to complete this step and unlock the next step)

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