Question: 7. Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP

7. Refer to Table below. Consider the following data on nominal

7. Refer to Table below. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): Calculate the the GDP deflator for 2015 and 2016 and the rate of inflation between these two years. Nominal Year GDP Real GDP 2014 $13,399 $12,976 2015 14,078 13,254 2016 14,441 13,312 2

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