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Which of these numbers is closest to the rate of change in the price level from 2018 to 2019 from the table below 2018 2019 Nominal $10,000 $12,000 GDP Real GDP $9,500 $10,500 - 7.9% 10% 8.6%

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 12CQ

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Question

Which of these numbers is closest to the rate of change in the price level from 2018 to 2019 from the table
below
2018
2019
Nominal $10,000 $12,000
GDP
Real
$9,500 $10,500
GDP
7.9%
-
10%
8.6%
- 8.6%
7.9%

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