Question: 7. Please refer to the data below to answer the following questions: What is the base year for determining Real vs. Nominal GDP? What was

7. Please refer to the data below to answer the following questions:

What is the base year for determining Real vs. Nominal GDP?

What was Real GDP in 2018?

What was the 2019 Price Deflator?

What was the Nominal GDP in 2020?

What was the 2021 Price Deflator?

In which years did Real GDP grow?

Year

Nominal GDP

Price Deflator

Real GDP

2017

100

1500

2018

1620

107

2019

1760

1600

2020

120

1580

2021

1970

1615

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