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7. Please refer to the data below to answer the following questions: What is the base year for determining Real vs. Nominal GDP? What was

7. Please refer to the data below to answer the following questions:

What is the base year for determining Real vs. Nominal GDP?

What was Real GDP in 2018?

What was the 2019 Price Deflator?

What was the Nominal GDP in 2020?

What was the 2021 Price Deflator?

In which years did Real GDP grow?

Year	Nominal GDP	Price Deflator	Real GDP
2017		100	1500
2018	1620	107
2019	1760		1600
2020		120	1580
2021	1970		1615

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