Answer to Question #71507 in Macroeconomics for Moya

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 ____%
1
Expert's answer
2017-12-05T11:52:07-0500
Between Year 1 and Year 2, the price level has increased by (112/108-1)*100=3.7%

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