Refer to Table 13.2 for the following questions.
Table 13.2
$$\begin{array} { | l | c | c | }
\hline & \mathbf { 2 0 1 7 } & \mathbf { 2 0 1 8 } \
\hline \text { Nominal GDP } & \$ 12000 & \$ 13000 \
\hline \text { Real GDP } & \$ 9500 & \$ 10500 \
\hline
\end{array}$$
-Refer to Table 13.2.What can we say has happened in the economy from 2017 and 2018?

Question

Refer to Table 13.2 for the following questions.
Table 13.2
 $$\begin{array} { | l | c | c | } 
\hline & \mathbf { 2 0 1 7 } & \mathbf { 2 0 1 8 } \
\hline \text { Nominal GDP } & \$ 12000 & \$ 13000 \
\hline \text { Real GDP } & \$ 9500 & \$ 10500 \
\hline
\end{array}$$
-Refer to Table 13.2.What can we say has happened in the economy from 2017 and 2018?

Quizplus · Accepted Answer

The table shows an increase in the GDP deflator from 100 in 2017 to 102 in 2018. The GDP deflator is a measure of the overall level of prices in the economy, so this indicates that the price level has risen.

Refer to Table 13 -Refer to Table 13