5) Some fear that we are in a recession with falling output but a type of recession that leads to high inflation. a) What do you predict is happening to real and nominal GDP? (If you provide a different answer for real GDP than for nominal GDP, be sure to explain the difference). b) - explain the difference between nominal GDP and real GDP. 6) Consider the following data of adults in a small town:" 400 people have full time jobs 100 people have part time jobs 50 people do not have a job and are looking for work 450 people do not have a job and are not looking for work. a) Calculate the unemployment rate. b) Calculate the labor force participation rate. c) If the natural rate of unemployment is 5.5%, do you believe this town is in a recession