Table 12-19
$$\begin{array} { | l | r | r | }
\hline & \mathbf { 2 0 1 2 } & { \mathbf { 2 0 1 3 } } \
\hline \text { Nominal GDP } & \$ 10,000 & \$ 12,000 \
\hline \text { Real GDP } & 9,500 & 10,500 \
\hline
\end{array}$$
-Refer to Table 12-19.Given the information above,calculate the GDP deflator in 2013.

Question

Table 12-19
 $$\begin{array} { | l | r | r | } 
\hline & \mathbf { 2 0 1 2 } &  { \mathbf { 2 0 1 3 } } \
\hline \text { Nominal GDP } & \$ 10,000 & \$ 12,000 \
\hline \text { Real GDP } & 9,500 & 10,500 \
\hline
\end{array}$$
-Refer to Table 12-19.Given the information above,calculate the GDP deflator in 2013.

Quizplus · Accepted Answer

The GDP deflator is calculated as (Nominal GDP / Real GDP) * 100. For 2013, it is (12,000 / 10,500) * 100 = 114.

Table 12-19 -Refer to Table 12-19