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Year Nominal GDP (billions of $) Real GDP (billions of 2013 $) GDP Deflator 2014 775.3 798.4 2015 814.1 838.6 2016 862.9 862.9 2017 901.5
Year Nominal GDP (billions of $) Real GDP (billions of 2013 $) GDP Deflator 2014 775.3 798.4 2015 814.1 838.6 2016 862.9 862.9 2017 901.5 882.5 2018 951.3 920.6 2019 998.8 950.5 a. Compute the GDP deflator for each year. (2 points) b. Compute the total percentage change in GDP from 2014 to 2019. How much of this change was due to increases in prices (1.5 points) and how much was due to changes in quantities (1.5 points)
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