14. Which of the following statements is (are) correct? (x) The inflation rate is the percentage change in the price level from one period to another. (y) [(GDP deflator in year 2 - GDP deflator in year 1) / GDP deflator in year 1)) x 100] is a measure of the rate of inflation for year 2. (z) If real GDP rose from $500 million to $550 million while nominal GDP rose from $600 million to $693 million, then the rate of inflation is 5.0 percent. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only Exhibit 1 Year Nominal GDP GDP Deflator 2013 $784 billion 100 2014 $811 billion 104 2015 $837 billion 107 15. Use Exhibit 1. Suppose this is GDP information for the country of Bountiful. From this info we can conclude that in Bountiful, A. real GDP was higher in 2013 than in 2014 and real GDP was higher in 2014 than it was in 2015. B. real GDP was higher in 2015 than in 2014 and real GDP was higher in 2014 than it was in 2013. C. real GDP was higher in 2015 than in 2014 and real GDP was higher in 2013 than it was in 2014. D. real GDP was higher in 2014 than in 2013 and real GDP was higher in 2014 than it was in 2015. E. real GDP was the same in 2013 and in 2015 and real GDP was higher in 2013 and 2015 than it was in 2014