Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 3 bars and the price is $4. In year 2, the quantity produced is 4 bars and the price is $5. In year 3, the quantity produced is 5 bars and the price is $6. Using year 1 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator Year 1 Year 2 Year 3 The percentage growth rate of real GDP from year 2 to year 3 is % The inflation rate as measured by the GDP deflator from year 2 to year 3 is %For each Form of private spending, indicate whether it represents consumption or investment. Private Spending Consumption Investment People buying houses 0 O Firms buying computers O 0 People buying newspapers 0 O O 0 People buying automobiles For each Form of government spending, indicate whether it represents consumption or investment. Government Spending Consumption Investment Building public housing 0 O Building bridges O 0 Buying military equipment 0 O O O Paying workers to administer government programs