Suppose that in 2011 Nominal GDP was $14 trillion and the Real GDP was $12 trillion. If Nominal GDP increased by 20% between 2011 and 2012 and Real GDP remained the same, what was the GDP Deflator in 2012? Select one: a. 1.2 b. 1.4 c. 1.6 d. 1.8 e. 2.0

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A: GDP calculates the total value of all final goods and services produced in an economy.

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