Nominal GDP is less than real GDP in an economy in year 1 and year 2. In year 3, nominal GDP is equal to real GDP. In year 4, nominal GDP is slightly greater than real GDP. In year 5, nominal GDP is significantly greater than real GDP. Which year is most likely to be the base year being used to calculate the price index for this economy?

Multiple Choice

• 4
• 2
• 5
• 3