Based on the growth rate in Nominal GDP and the growth rate in Real GDP, the approximate change in prices was 2%.
How to find the change in price?
When given the nominal GDP growth rate and the Real GDP growth rate, the percentage change in prices can be found to be:
= Nominal GDP growth rate - Real GDP growth rate
= 9.4% - 7.4%
= 2%
The reason for this is that the Nominal GDP shows the change in GDP including the change in prices while the change in Real GDP does not include the change in prices. The difference is therefore the change in prices.
Find out more on Nominal GDP at https://brainly.com/question/8151973
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