Briefly explain whether you agree with the following statements.
a. "If nominal GDP is less than real GDP, then the price level must have fallen during the year."
b. "Whenever real GDP declines, nominal GDP must also decline."
c. "If a recession is so severe that the price level declines, then we know that both real GDP and nominal GDP must decline."
d. "Nominal GDP declined between 2008 and 2009; therefore, the GDP deflator must also have declined."