For all scenarios below, show your work to justify your responses where calculation is required. a. Nominal GDP is $3 trillion and real GDP is $2.5 trillion. Calculate the GDP deflator. b. Real GDP is $240 billion and the GDP deflator is 90. Calculate the nominal GDP. c. Nominal GDP is $22 trillion and the GDP deflator is 110. Calculate the real GDP. d. Based on the following table, which year had a higher real GDP? Year 2015 2016 Nominal GDP $20 trillion $18 trillion Deflator Download 120 125 e. If the real GDP in 2017 was $15 trillion, and its prices represented a 40% increase from the base year, what must the nominal GDP have been? Show your work. f. If the price level increase from part (e) was more than expected, would borrowers of fixed rate loans be better or worse off than in the base year? Explain. g. The GDP deflator is 120 in year 1 and 150 in year 2. Calculate the inflation rate. h. In year 3, the GDP deflator is 180. Calculate the inflation rate from year 2 in part (g) to year 3.