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Q2. Calculating real GDP and economic growth 2.1 Using the information in the following table, calculate the rate of increase in the price level from

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Q2. Calculating real GDP and economic growth 2.1 Using the information in the following table, calculate the rate of increase in the price level from 2017 to 2018. Use the percentage change in the GDP deflator. 2.2 Use the table to answer the following questions: YEAR BILLIONS OF DOLLARS IN (CONSTANT PRICES) 2014 1075 2015 1120 2016 1160 2017 1175 2018 1200 (a) Calculate the economic growth rate for each year from 2015 to 2018 (b) Calculate the average annual economic growth rate for the period 2015 to 2018

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