Question: Consider the diagram in the next column, and answer the following questions. a. What is the base year? Explain. b. Has this country experienced inflation

Consider the diagram in the next column, and answer the following questions.
a. What is the base year? Explain.
b. Has this country experienced inflation or deflation since the base year? How can you tell?

3.0 Nominal GDP 1.0. 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year

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