Question
The table below shows nominal GDP (US$) and real GDP (US$) for Country A between year 1 and 6. Table 1: Nominal GDP (US$) and
The table below shows nominal GDP (US$) and real GDP (US$) for Country A between year 1 and 6.
Table 1: Nominal GDP (US$) and real GDP (US$) for Country A between year 1 and 6
Nominal GDP (US$) | Real GDP (US$) | |
Year 1 | $241,038,904,256 | $230,813,597,938 |
Year 2 | $237,390,711,217 | $202,257,586,268 |
Year 3 | $255,016,609,233 | $255,016,609,233 |
Year 4 | $268,516,966,254 | $297,951,960,784 |
Year 5 | $283,214,119,400 | $314,443,149,443 |
Year 6 | $296,507,404,303 | $303,277,158,907 |
Based on Table 1, identify and explain which year(s) Country A experienced
(a) inflation
(b) deflation
(c) increase in total economic output as compared to previous year
(d) decrease in total economic output as compared to previous year
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