PART 1
You found the nominal GDP for two years in part c, but you will need to find the value of the deflators before you can use the formula. Price deflators neutralize any inflation that happened that year. Using this table of price deflator data, find the price deflators for gross domestic product (line 1) for the fourth quarter (IV) in the years you used in part c and record them in the table. https://fred.stlouisfed.org/series/GDPDEF
price deflator for the most recent year
price deflator for the year prior
PART 2
Now that you know the nominal GDP and price deflators, use the formula to find real GDP for the most recent year and the year prior. Round your answers to the same significant digits as the corresponding year’s nominal GDP, and record them in the table.
