1.As the following table indicates, GNP and real GNP were almost the same in 1972, but there was a $300 billion difference by mid-1975. Explain why. Describe what the numbers here suggest about conditions in the economy at the time. How do the conditions compare with conditions today?

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Date GNP Real Real GNP GNP (Year (Billions, GNP (% Change) Deflator and $) (Billions, (% Change) Quarter) $) 72:2 1,172 1,179 7.62 2.93 72:3 1,196 1,193 5.11 3.24