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Table 12-25 -Refer to Table 12-25

Question 167

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Table 12-25
20172018 Nominal GDP $10,000$15,000 Real GDP 10,00014,000\begin{array}{|l|l|l|}\hline & \mathbf{2 0 1 7} & {\mathbf{2 0 1 8}} \\\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \\\hline \text { Real GDP } & 10,000 & 14,000 \\\hline\end{array}
-Refer to Table 12-25.Given the information above,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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