As the following table indicates, GNP and real GNP were almost the same in 1972, but there

Question:

As the following table indicates, GNP and real GNP were almost the same in 1972, but there was a $300 billion difference by mid-1975. Explain why. Describe what the numbers here suggest about conditions in the economy at the time. How do the conditions compare with conditions today?

Date (Year and Quarter) GNP (Billions, (Billions, $) Real GNP GNP Deflator Real GNP $) (% Change) (% Change) 7.62 72-2 1