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Q.2 Refer to the following table, and answer the questions that follow: Year Nominal GDP Real...

Q.2 Refer to the following table, and answer the questions that follow:

Year

Nominal GDP

Real GDP

GDP deflator

2012

$210,000

   ??

100.0

2013

   ??

$215,000

110.0

2014

$260,000

$220,000

   ??

(a) Compute the nominal GDP in 2013.

(b) Compute the price level in 2014.

(c) Calculate the inflation rate between 2012 and 2013.

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