Macroeconomics Unit 2 Practice Sheet Part 3: Nominal v. Real Practice- Answer the following. Show your work. 21. Assume the real GDP is $50 billion and the nominal GDP is $125 billion. What is the GDP deflator? 22. Assume the real GDP is $240 billion and the GDP deflator is 150. What is the nominal GDP? 23. Assume the nominal GDP is $240 billion and the GDP deflator is 150. What was the real GDP? 24. Assume that you received a nominal raise of 2%. If the inflation rate was 8%, what is your real wage, adjusted for inflation? 25. Assume that you received a nominal raise of 6%. If the inflation rate was 2%, what is your real wage, adjusted for inflation? Part 4- FRQ Practice- Complete the following question from the 2008B AP exam (Question 3)