Refer to Table below. Given the following information, calculate the rate of increase in the price level from 2015 to 2016. Calculate the GDP deflator for 2015and 2016 and find the rate of inflation using the percent change formula.     2015 2016 Nominal GDP       $10,000       $15,000 Real GDP           9,500         10,500

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  1. Refer to Table below. Given the following information, calculate the rate of increase in the price level from 2015 to 2016. Calculate the GDP deflator for 2015and 2016 and find the rate of inflation using the percent change formula.

 

 

2015

2016

Nominal GDP

      $10,000

      $15,000

Real GDP

          9,500

        10,500

 

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