Use the table to answer the following questions.(2 marks)

Nominal GDP Real GDP

2019 $10 000 $14 000

2020 $10 000 $15 000

a)What is the GDP deflator for year 2020?(0.3 marks)

b)What is the economic growth rate between year 2019 and 2020?(0.3 marks)

c)What is the base year? How do you make this decision?(0.4 marks)

d)What is the perecnetage change of price level between year 2019 and 2020?(0.3 marks)

e)What has happened to the price levels from 2019 to 2020? What is the special term used to describe this?(0.4 marks)

f)Which is greater (from 2019 to 2020), percentage change in nominal GDP or percentage change in real GDP? Why?(0.3 marks)