Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP deflator for 2015 and 2016 and the rate of inflation between these two years.YearNominal GDPReal GDP 2014$13,399$12,976 2015 14,078 13,254 2016 14,441 13,312

Gross domestic product (GDP) Deflator refers to the measures of all final goods and services in an…

Answered: Refer to Table below. Consider the…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 12QP

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Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP deflator for 2015 and 2016 and the rate of inflation between these two years.

Year	Nominal GDP	Real GDP
2014	$13,399	$12,976
2015	14,078	13,254
2016	14,441	13,312

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