a) (15 pts.) Current LCU refers to values calculated by using current prices in Turkish Liras and constant LCU refers to calculations with regard to prices in a base year again in Turkish Liras. Now, compare GDP (con- stant LCU) and GDP (current LCU) series on a graph. What is GDP (gross domestic product)? What are the differences between nominal and real GDP? Among GDP variables that you downloaded, which one is real and which one is nominal? Explain. b) (15 pts.) What is GDP deflator? Using GDP (current LCU) and GDP (constant LCU) construct GDP deflator series and show it on a graph. What is the base year (and why)? (Describe your calculations) c) (10 pts.) Compare the GDP deflator that you calculated previously and GDP deflator that you obtained from World Bank using a graph. Are 4 a) (15 pts.) Current LCU refers to values calculated by using current prices in Turkish Liras and constant LCU refers to calculations with regard to prices in a base year again in Turkish Liras. Now, compare GDP (con- stant LCU) and GDP (current LCU) series on a graph. What is GDP (gross domestic product)? What are the differences between nominal and real GDP? Among GDP variables that you downloaded, which one is real and which one is nominal? Explain. b) (15 pts.) What is GDP deflator? Using GDP (current LCU) and GDP (constant LCU) construct GDP deflator series and show it on a graph. What is the base year (and why)? (Describe your calculations) c) (10 pts.) Compare the GDP deflator that you calculated previously and GDP deflator that you obtained from World Bank using a graph. Are 4