Use the information in quotes to explain whether you agree or disagree with the statements in part A and part B.

"Compared to the previous year, the nominal GDP of a nation decreased and the Real GDP increased"

Part A: From the information in quotes above, we can determine that the GDP Deflator must take a value greater than 100

Part B: from the information in quotes above, we can conclude that there has been a) an increase in the average price level of domestically produced goods and services; and b) a decrease in the quantity of the goods and services produced in one economy

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