{Show all the steps (Remember to write all the units)} (a) Refer to Table 8-7. Given...

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{Show all the steps (Remember to write all the units)} (a) Refer to Table 8-7. Given...

{Show all the steps (Remember to write all the units)}

(a) Refer to Table 8-7.

Given the information below,

(a) Calculate the GDP deflator for the years in 2010 and 2011.

(b) Calculate the rate of inflation between 2010 and 2011. (Base time period is Year 2010)

	2010	2011
Nominal GDP	$10,000	$12,000
Real GDP	$ 9,500	$10,500

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