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SOLVED:Use the data in the following table to calculate the GDP deflator for each year (values are in billions of dollars). Year Nominal GDP Real GDP 2012 16,155 15,355 2013 16,692 15,612 2014 17,393 15,982 2015 18,037 16,397 2016 18,569 16,662 Which year from 2013 to 2016 saw the largest percentage increase in the price level, as measured by changes in the GDP deflator? Briefly explain.
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