Read the passage carefully and answer the questions based on the passage:

GDP figures and other macroeconomic variables

Suppose a country only produces rice. In the year 2020, it produced 100 Kg of rice. The price was Rs 10 per kg of rice and the GDP at the current price was Rs 1,000. In 2021, the same country will produce 110 Kg of rice at a price of Rs 15 per kg.

What is GDP deflator?

150 percent.

The correct answer is Option (3) → 150 percent.

GDP deflator = (Nominal GDP / Real GDP) * 100

Nominal GDP=Price in 2021 × Quantity in 2021 

                     = 15×110 = ₹1650

Real GDP in 2021 = Quantity in 2021 × Price in base year (2020)

                              = 110×10 = ₹1100

GDP Deflator= (1650/1100) * 100 = 1.5 * 100 = 150 %