Question #71507

Year
Nominal
GDP (bill.)
Price
Index (GDP deflator)
Real
GDP (bill.)

Year 1
$4,486.0
108


Year 2
$4,710.3
112







(ii) Between Year 1 and Year 2, the price level has___ increased/decreased by ____%

Expert's answer

Between Year 1 and Year 2, the price level has increased by (112/108-1)*100=3.7%

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