1. Real versus nominal GDP: Using the FRED database, locate the data on real and nominal GDP for the U.S. economy. You may notice that there are both annual and quarterly data (i.e., measures of production every 3 months) available. For the purpose of this question, let's stick with annual data. The easy way to find this is to type \"annual nominal GDP" and \"annual real GDP\" into the FRED search box. 1. 2. What is the value of real GDP and nominal GDP for the most recent year available? What was the value of real GDP and nominal GDP in 19707 By what factor (e.g., a number like 2.0 if it's doubled) did real GDP increase between 1970 and the most recent year? What about nominal GDP? What explains the differences between the two numbers in part 3? Inflation in China and India: Using the FRED database, download a graph of the inflation rate for China and India 1. 2. Display the two graphs. What is the average inflation rate in each country for the most recent 5 years of data? Which country has lower inflation? Do some research online. What explains the possible differences in the inflation rates for China and India? Please provide a link to the source you used