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YEAR
NOMINAL GDP
REAL GDP
GDP DEFLATOR
2002
3,055
94
2003
3,170
100
2004
3,410
3,280
2005
3,500
108
(i) Complete the above Table.
(ii) What is the base year for the GDP deflator?
(iii) Calculate the percentage change in nominal GDP, real GDP, and the GDP deflator between 2004 and 2005. Was the increase in nominal GDP due mostly to an increase in real GDP or to an increase in the price level?
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