Refer to Table 12.2 for the following questions.
Table 12.2

-Refer to Table 12.2.Calculate the GDP deflator in 2013.

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Question

Refer to Table 12.2 for the following questions.
Table 12.2
 
-Refer to Table 12.2.Calculate the GDP deflator in 2013.

Quizplus · Accepted Answer

To calculate the GDP deflator, we use the formula: GDP deflator = (Nominal GDP/Real GDP) x 100. In 2013, nominal GDP was $15,660 billion and real GDP (in 2009 dollars) was $13,750 billion. Therefore, the GDP deflator in 2013 was (15,660/13,750) x 100 = 114.

Refer to Table 12.2 for the Following Questions