Given the Following Information,calculate the GDP Deflator for Both 2017

Essay

Given the following information,calculate the GDP deflator for both 2017 and 2018.
$$\begin{array} { | l | c | c | } \hline & \mathbf { 2 0 1 7 } & \mathbf { 2 0 1 8 } \\\hline \text { Nominal GDP } & \$ 10000 & \$ 15000 \\\hline \text { Real GDP } & \$ 10000 & \$ 14000 \\\hline\end{array}$$ 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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