Homework Answers
GDP deflator of year 1 = (Nominal GDP/ real GDP)*100
=(1430/1300)*100
=110%
GDP deflator of year 2 = (Nominal GDP/ real GDP)*100
=(1820/1560)*100
=116.670%
Inflation rate between year 1 and year2 = {GDP deflator of year 2 - GDP deflator of year 1)/GDP deflator of year 1}*100
={(116.67-110)/100}*100
=[6.67/110]*100
=6.06%
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