LO 4 In 2014, the Thai military took over power from its democratically elected government. The military government then increased iscal spending on infrastructure projects. To preserve purchasing power and stimulate consumption, the military junta asked retailers and wholesalers not to raise the prices of food and consumer products.

At the same time, it also set a price ceiling on diesel prices. Examine the impact of these decisions on nominal GDP, real GDP, and inlation rate during 2014.