Quantity of Milk Price of Honey Quantity of Honey Year Price of Milk 2016 $1 100 quarts $2 50 quarts 2017 1 200 100 2018 200 100 Required: Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year. Enter the computed answers in the relevant columns/rows here below: Nominal GDP 2016= 2017= 2018= Real GDP 2016= 2017= 2018= GDP Deflator 2016= 2017= 2018= 2. 4. 2.

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