Nominal gross product for the United States was $7,661.6 billion in 1996 and $8,110.9 billion in 1997. The GDP deflator was 109.5 in 1996 and 111.6 in 1997. Given the above data, complete the following questions, show your work:

a.What was the 1997 real GPD expressed in base-year prices?

b.What were the 1996 and 1997 GDPs expressed in base-year prices?

c.What was the percent change in the nominal GDP between 1996 and 1997?

d.What was the percent change in the real GDP between 1996 and 1997?

e.What was the inflation between 1996 and 1997?