Question: Given the information below, (a) calculate the GDP deflator for the years in 2017 and 2018 (b) Calculate the rate of inflation between 2017 and

Given the information below,

(a) calculate the GDP deflator for the years in 2017 and 2018

(b) Calculate the rate of inflation between 2017 and 2018. (base time period is year 2017)

Please show steps including the relevant formulas (including all the units)

2017 2018

Nominal GDP $ 15,000 $22,000

Real GDP $12,500 $16,500

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