Given the Following Information,calculate the GDP Deflator for Both 2017

question 73

Essay

Given the following information,calculate the GDP deflator for both 2017 and 2018.
$$\begin{array} { | l | c | c | } \hline & \mathbf { 2 0 1 7 } & \mathbf { 2 0 1 8 } \\\hline \text { Nominal GDP } & \$ 10000 & \$ 15000 \\\hline \text { Real GDP } & \$ 10000 & \$ 14000 \\\hline\end{array}$$ 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:

Stress Response

The body's reaction to perceived threats or challenges, involving physiological and psychological adaptations to cope with stress.

Sympathetic Nervous System

A branch of the autonomic nervous system that activates what is often termed the fight or flight response during times of stress.

Central Nervous System

Comprises the brain and spinal cord, responsible for processing and sending messages throughout the body.

Peripheral Nervous System

The part of the nervous system that consists of the nerves and ganglia outside of the brain and spinal cord, responsible for connecting the CNS to limbs and organs.