7. Consider the following data on U.S. GDP: Nominal GDP GDP Deflator Year (in billions of US dollars) (base year 2012) 2018 20,501 1.104 1998 9,063 0.753 (Note: as we did in our class, GDP deflator = Nominal GDP + Real GDP) a. What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The (annualized) growth rate of a variable X over a N-year period is calculated as: 100*[(final) - 1].) b. What was the (annualized) growth rate of the GDP deflator between 1998 and 2018? c. What was real GDP in 1998 measured in 2012 prices? d. What was real GDP in 2018 measured in 2012 prices? e. What was the (annualized) growth rate of real GDP between 1998 and 2018? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain