What is Nominal GDP, real GDP and GDP deflator?
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If real GDP is 5,100 and nominal GDP is 4,900, then the GDP deflator is:
Suppose that twenty-five years ago a country had nominal GDP of $1,800, a GDP deflator of 150, and a population of 100. Today it has nominal GDP of $2,800, a GDP deflator of 270, and population of 180. What happened to the real GDP per person?