Table: Nominal Versus Real GDP
|
Year
|
Coffee (Cups)
|
Milk (Gallons)
|
GDP (nominal, real)
|
|
2002 (base year expenditure)
|
Price $1.00
Quantity 10
|
Price $2.00
Quantity 20
|
|
|
2003 (Case 1 expenditure)
|
Price $1.50
Quantity 10
|
Price $4.00
Quantity 20
|
|
|
2003 (Case 2 expenditure)
|
Price $1.00
Quantity 15
|
Price $2.00
Quantity 40
|
|
|
2003 (Case 3 expenditure)
|
Price $1.50
Quantity 15
|
Price $4.00
Quantity 40
|
|
Adding to the above Table, if real GDP in 1998 was $8,508.9 billion and nominal GDP in 1998 was $8,781.50 billion, calculate the percentage change from 1997 to 1998 in nominal GDP, real GDP, and the price level. What is the value of the GDP deflator in 1998?