FRED - Real Gross Domestic Product - Gross Domestic Product 12 10 0 25 Percent Change tom Year Ago 25 25 03 1971 @1 1972 03 1972 01 1973 01 1974 03 1974 Q1 1975 03 1975 Q1 1976 @3 1976 01 1977 mic Analysis Figure 2: Growth rate of Real GDP (dashed) and nominal GDP (solid) for the USA, during the early 1970s For the following questions, refer to figure 2. 6. Relative to 1973, was inflation larger or smaller in 1975? Justify your answer. 5 points. 7. About when was the peak of this business cycle? About when was the trough? 5 points