Application: GDP and Beyond Use the data below to answer the following questions. All figures in table 1 are given in $ billions. Year = 1991 Year = 1991 Personal Consumption 3986.1 Gross Private Domestic Investment 802.9 Government Expenditures 1234.4 Exports 596.8 Imports 624.3 + Year Implicit Price Deflator 1991 84.44 1992 86.39 1993 88.38 1994 90.26 1995 92.11 2001 102.4 1. Calculate Nominal GDP for 1991. Show your work. 2. Given the Nominal GDP for 2001 was $10,128.0 billion, why can't you compare this with your answer above and conclude that the nation's output has increased over this period. 3. Find the Real value of 1991 GDP measured in 2001 prices. Show your work. 4. By what percent did Real GDP increase over this 10-year period? Show your work. 5. Find the real values of 1991 and 2001 GDP in 1995 prices. Using these values, by what percent did real GDP increase over this 10-year period? Show your work