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The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019 and 2020. You are told that
The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019 and 2020. You are told that prices in Fairyland rose by 5% in 2020. Calculate the percentage increase in Real GDP in 2020 Year GDP deflator Nominal GDP 2019 120 $240000 2020 Not given $277200 According to the U.S. Bureau of Labour Statistics a bread cost $5 in the year 1997 and cost $10.26 in 2022. Imagine your salary was $100 in 1997 and $250 in 2022 How much % has your real salary grown in terms of bread
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