If the GDP deflator rises from 185 to 190, what is the percentage increase in the price level between the two years?Group of answer choices270%50%5%2.7%
Question
Solution 1
The percentage increase in the price level between the two years can be calculated using the formula for percentage change:
Percentage Change = [(New Value - Old Value) / Old Value] * 100%
Here, the new value is 190 and the old value is 185.
So, the percentage change = [(190 - 185) / 185] * 100%
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