The table below shows data for real and nominal GDP for a hypothetical economy over several years.
Question:
The table below shows data for real and nominal GDP for a hypothetical economy over several years.
a. Compute the GDP deflator for each year.
b. Compute the total percentage change in nominal GDP from 2014 to 2019. How much of this change was due to increases in prices and how much was due to changes in quantities?
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