The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. Instructions: Enter your responses in the gray-shaded cells. Round your answers to 2 decimal places. Year Real GDP, Billions Effect on Nominal GDP 1978 1988 1998 2008 2018 Nominal GDP Billions 2,293.80 5.100.40 8,793.50 14,441.40 20,501.00 Price Index (2005 - 100) 40.40 66.98 85.51 108.48 128.59

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