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I have no clue how to calculate RGDP and convert into 2005 dollars. And I'm super confused in general... GDP GDP Implicit Price Deflator Unemployed

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I have no clue how to calculate RGDP and convert into 2005 dollars. And I'm super confused in general...

image text in transcribed
GDP GDP Implicit Price Deflator Unemployed Labor Force CPI (2005 = Base Year = 100) (1982=100) 1973 $1,382 B. 28 4,365(000) 89,429(000) 44.4 1974 $1,500 B. 31 5,156 (000) 91,949 (000) 49.3 a. You are going to use the data above (FYI: not hypothetical) to assess the health of our economy in the 1973-1974 period. First, calculate RGDP for both 1973 and 1974, converting to 2005 dollars. b. Calculate the growth rate between 1973 and 1974. Recall that is the percentage change in RGDP. c. Compare the growth rate (your above calculation) to the percentage change in GDP, and use your result to explain why the importance of converting GDP to RGDP. d. Calculate the inflation rate between 1973 and 1974

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