Given the following information, calculate the GDP deflator for both 2017 and 2018.
What does the value of the deflator in the year 2017 tell you about that year with respect to the base year? What happened to prices in 2018 as compared to 2017?
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Definitions:
Impact
The strong effect or influence one thing has on another, which can be observed in various contexts such as social, environmental, or economic areas.
Excessive Optimism
An unrealistic expectation of positive outcomes, often disregarding potential risks or negative results.
Sexually Transmitted Infection
An infection transmitted through sexual contact, caused by bacteria, viruses, or parasites.
Reciprocal Determinism
A concept in social cognitive theory that suggests individual behavior, personal factors, and environmental influences all operate as interlocking determinants of each other.
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