Table 1 Shows the Following Amounts for the Years 2010

question 27

Essay

Table 1 shows the following amounts for the years 2010 to 2012. $\begin{array}{|l|l|l|}\hline \text { Year } & \text { Nominal GDP } & \text { Real GDP } \\\hline 2010 & \$ 500 & \$ 500 \\\hline 2011 & \$ 600 & \$ 545.5 \\\hline 2012 & \$ 720 & \$ 600 \\\hline\end{array}$
Prices in $billions
a.What is the GDP deflator for the three years?
b.Which is growing faster: nominal GDP or real GDP?

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