The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019 and 2020. You are told that prices in Fairyland rose by 5% in 2020 Calculate the percentage increase in Real GDP in 2020. Year GDP deflator Nominal GDP 2019 120 $240000 2020 Not given $277200 According to the U.S. Bureau of Labour Statistics a bread cost $5 in the year 1997 and cost $10.26 in 2022. Imagine your salary was $100 in 1997 and $250 in 2022. How much % has your real salary grown in terms of bread?

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The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland
for the years 2019 and 2020. You are told that prices in Fairyland rose by 5% in
2020 Calculate the percentage increase in Real GDP in 2020.
Year
GDP deflator
Nominal GDP
2019
120
$240000
2020
Not given
$277200
According to the U.S. Bureau of Labour Statistics a bread cost $5 in the year 1997
and cost $10.26 in 2022. Imagine your salary was $100 in 1997 and $250 in 2022.
How much % has your real salary grown in terms of bread?
Transcribed Image Text:The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019 and 2020. You are told that prices in Fairyland rose by 5% in 2020 Calculate the percentage increase in Real GDP in 2020. Year GDP deflator Nominal GDP 2019 120 $240000 2020 Not given $277200 According to the U.S. Bureau of Labour Statistics a bread cost $5 in the year 1997 and cost $10.26 in 2022. Imagine your salary was $100 in 1997 and $250 in 2022. How much % has your real salary grown in terms of bread?
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