none of the above. Suppose in year 2001, nominal interest rate is 2% and GDP deflator is 2, then the real interest rate must be: 2%. B 1.5%. C. 1% D. none of the above. The ratio, (nominal consumption expenditure) / (GDP deflator), is defined to be: A. Consumer price index or CPI B. real wage. C. real consumption expenditure. D. none of the above. GIF Aa