Table 19-26 -Refer to Table 19-26

Essay

Table 19-26
$$\begin{array} { | l | r | r | } \hline & { \mathbf { 2 0 1 5 } } & { \mathbf { 2 0 1 6 } } \\\hline \text { Nominal GDP } & \$ 10,000 & \$ 15,000 \\\hline \text { Real GDP } & 10,000 & 14,000 \\\hline\end{array}$$
-Refer to Table 19-26.Given the information above,calculate the GDP deflator for both 2015 and 2016.What does the value of the deflator in the year 2015 tell you about that year with respect to the base year? What happened to prices in 2016 as compared to 2015?