If nominal GDP is $8 trillion and real GDP is $6 trillion, then the GDP deflator is $43. The GDP price deflator estimates changes in the prices of all the goods and services produced in an economy. It is sometimes referred to as the GDP deflator or the implicit price deflator.
Since the GDP price deflator isn't dependent on a predetermined basket of commodities, it provides a more accurate representation of inflation than the Consumer Price Index (CPI) index. The GDP price deflator, to put it simply, illustrates how much a change in GDP depends on changes in the level of prices.
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