2 . Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period. Cupcakes Erasers Price Quantity Price Quantity Year (Dollars per cupcake) (Number of cupcakes) (Dollars per eraser) (Number of erasers) 2015 110 2 185 2016 155 200 2017 110 165 Use the information from the preceding table to /M in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2015, dollars) GDP Deflator 2015 2016 2017 From 2016 to 2017, nominal GDP 7 , and real GDP The inflation rate in 2017 was