The incorrect statement is : The inflation rate was almost 8% from 2014 to 2015
Gross domestic product is the sum of final goods and services produced in a country in a given period within a given period
Nominal GDP is GDP calculated using current year prices
Real GDP is GDP calculated using base year prices.
Inflation is the persistent increase in the price levels in an economy
Nominal GDP increase = ($17,937 / $13,974) - 1 = 0.2836 = 23.86%
The economy grew because nominal GDP increased.
Percentage increase in inflation = (115 / 110) - 1 = 0.0455 = 4.6%
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