The following table contains data for nominal GDP, real GDP, and potential real GDP from FRED* for the secondquarter of 2020.

Series Value (in billions)

Nominal GDP $19,520.1

Real GDP $17,302.5

Potential real GDP $19203.8

A variable identified as real is one that is measured in base-year dollars.

to be determined below

Using the dataabove, calculate thefollowing: (Enter your responses rounded to two decimalplaces.)

The GDP deflator is TBD

Relative to potential realGDP, real GDP is TBD percent below potential real GDP.