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(a) Use the following table to calculate GDP price deflator in 2019 and 2020 and the change in the overall price level from 2019 to 2020. You will need to round your answer to the nearest whole number.
GDP
2019
2020
Nominal GDP
$26 000
$28 000
Real GDP
$21 000
$22 000
(b) Consider an economy only producing two goods: pen and bread in both Year 1 and Year 2. Can the Real GDP of this economy increase between Year 1 and Year 2, while the Nominal GDP decreases or remains the same? Explain your answer with a numerical example.
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