Table 12-25
$\begin{array}{|l|l|l|}
\hline & \mathbf{2 0 1 7} & {\mathbf{2 0 1 8}} \
\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \
\hline \text { Real GDP } & 10,000 & 14,000 \
\hline
\end{array}$
-Refer to Table 12-25.Given the information above,calculate the GDP deflator for both 2017 and 2018.What does the value of the deflator in the year 2017 tell you about that year with respect to the base year? What happened to prices in 2018 as compared to 2017?

Question

Table 12-25
 $\begin{array}{|l|l|l|}
\hline & \mathbf{2 0 1 7} & {\mathbf{2 0 1 8}} \
\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \
\hline \text { Real GDP } & 10,000 & 14,000 \
\hline
\end{array}$
-Refer to Table 12-25.Given the information above,calculate the GDP deflator for both 2017 and 2018.What does the value of the deflator in the year 2017 tell you about that year with respect to the base year? What happened to prices in 2018 as compared to 2017?

Quizplus · Accepted Answer

The Answer of Table 12-25
 $\begin{array}{|l|l|l|}
\hline & \mathbf{2 0 1 7} & {\mathbf{2 0 1 8}} \
\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \
\hline \text { Real GDP } & 10,000 & 14,000 \
\hline
\end{array}$
-Refer to Table 12-25.Given the information above,calculate the GDP deflator for both 2017 and 2018.What does the value of the deflator in the year 2017 tell you about that year with respect to the base year? What happened to prices in 2018 as compared to 2017?

Table 12-25 -Refer to Table 12-25