Question 2.9: Calculate Inflation Rate
Now suppose there are more goods and services and the economy is now open to trade with other countries. Based on this generated data and since you have already calculated nominal and real GDP, you will now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, real GDP, GDP deflator (price level), and real GDP per capita for this simple economy. (Round your answer to two decimal places.)
Calculate the Inflation Rate from 2007 to 2008: