As the following table indicates, GNP and real GNP were

As the following table indicates, GNP and real GNP were almost the same in 1972, but there was a $300 billion difference by mid-1975. Explain why. Describe what the numbers here suggest about conditions in the economy at the time. How do the conditions compare with conditions today? DATE GNP (BILLIONS OF DOLLARS) REAL GNP (BILLIONS OF DOLLARS) REAL GNP (% CHANGE) GNP DEFLATOR (% CHANGE) 72:2 1,172 1,179 7.62 2.93 72:3 1,196 1,193 5.11 3.24 72:4 1,233 1,214 7.41 5.30 73:1 1,284 1,247 10.93 5.71 73:2 1,307 1,248 .49 7.20 73:3 1,338 1,256 2.44 6.92 73:4 1,377 1,266 3.31 8.58 74:1 1,388 1,253 -4.00 7.50 74:2 1,424 1,255 .45 10.32 74:3 1,452 1,247 -2.47 10.78 74:4 1,473 1,230 -5.51 12.03 75:1 1,480 1,204 -8.27 10.86 75:2 1,517 1,219 5.00 5.07