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The following table gives nominal and real GDP for an economy for two years. Year 1 Year 2 Nominal GDP 1540.0 1960.0 Real GDP 1.400

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The following table gives nominal and real GDP for an economy for two years. Year 1 Year 2 Nominal GDP 1540.0 1960.0 Real GDP 1.400 1680.0 Based on the table, in Year 2, the value of the GDP deflator is 116.7 (Round your answer to one decimal place.) The inflation rate between Year 1 and Year 2 is %. (Round your answer to one decimal place.)

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