Question: 4. GDP Deflator Consider the following data on Canada's GDP: Nominal GDP GDP Deflator Year ( Billions of dollars) (Base year 2007) 2016 2,024 104

4. GDP Deflator Consider the following data on Canada's GDP: Nominal GDP GDP Deflator Year ( Billions of dollars) (Base year 2007) 2016 2,024 104 2017 2,138 106 The growth rate of nominal GDP between 2017 and 2016 was and the growth rate of the GDP deflator between 2017 and 2016 was (Hint: The growth rate of a variable X" over an NV-year period is calculated as 100 x X final (#) Xinitial - 1) ) Measured in 2007 prices, real GDP was in 2017 and in 2016. The growth rate of real GDP between 2017 and 2016 was The growth rate of nominal GDP between 2017 and 2016 was than the growth rate of real GDP

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