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Suppose the implicit GDP deflator, a quarterly measure of the price level, increases from 108.3 in the second quarter to 109.7 in the third quarter.

Suppose the implicit GDP deflator, a quarterly measure of the price level, increases from 108.3 in the second quarter to 109.7 in the third quarter. The Bureau of Economic Analysis will report that the price level changed by how many percent on an annualized basis? (a) 1.3%; (b) 1.4%; (c) 5.3%; (d) 16.7%.

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