Question: 5. (10 pt.) Define what is meant by the terms Real GDP and Nominal (current dollar) GDP? What was the rate of growth in real

5. (10 pt.) Define what is meant by the terms Real GDP and Nominal (current dollar) GDP? What was the rate of growth in real GDP (annualized) in the 4th quarter of 2023 and the 1st quarter of 2024? How fast is GDP forecasted to grow in 2024? Why is nominal GDP increasing much faster than real GDP? . Is consumer spending increasing or decreasing? Explain. What is meant by the term "recession"? Will the U.S. economy enter a recession in 2024? Explain. What is the current unemployment rate? Do you expect the unemployment rate to increase or decrease in 2024? Explain

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