Answer
Nominal GDP: [2013] - 200 dollars; [2014] - 600 dollars
Nominal GDP rises by 200% from 2013 to 2014
Real GDP: [2013] - 200 dollars; [2014] - 400 dollars
Real GDP rises by 100% from 2013 to 2014
GDP Deflator: [2013] - 100; [2014] - 150
GDP Deflator rises by 50% from 2013 to 2014
Work Step by Step
Nominal GDP for 2013: 100 loaves for 2 dollars each = 100 * 2 = 200 dollars
Nominal GDP for 2014: 200 loaves for 3 dollars each = 200 * 3 = 600 dollars
Nominal GDP rises by: ((600-200)/200) * 100 = 200%
Real GDP for 2013: 100 loaves for 2 dollars each = 100 * 2 = 200 dollars
Real GDP for 2014: 200 loaves for 2 dollars each (base year price) = 200 * 2 = 400 dollars
Real GDP rises by: ((400-200)/200) *100 = 100%
GDP Deflator for 2013: (200/200) * 100 = 100
GDP Deflator for 2014: (600/400) * 100 = 150
GDP Deflator rises by: ((150-100)/100) * 100 = 50%
