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Part B. Inflation and Real GDP (two points) 3. In a hypothetical economy, the GDP deflator has the following values. Year GDP Deflator 2005 100

Part B. Inflation and Real GDP (two points) 3. In a hypothetical economy, the GDP deflator has the following values. Year GDP Deflator 2005 100 2018 120 2019 126 a. What is the annual inflation rate in 2019? Show your computation. b. Nominal GDP in 2019 is $630 billion. What is real GDP (billions of 2005 dollars) in 2019? Show your computation

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