Question: Use the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars): Year Nominal GDP Real

Use the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars):

Year Nominal GDP Real GDP

2010.....................$14,964.....................$14,784

2011.......................15,518.......................15,021

2012.......................16,163.......................15,369

2013.......................16,768.......................15,710

2014.......................16,245.......................16,086

Which year from 2011 to 2014 saw the largest percentage increase in the price level, as measured by changes in the GDP deflator? Briefly explain.

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