Which of the following statements accurately describe the relationship between nominal GDP, real GDP, and the GDP deflator? Select all that apply.

Nominal GDP is the total value of all goods and services produced in a country, measured using current prices during the year they are produced. Real GDP, on the other hand, adjusts this value for inflation, meaning it uses prices from a base year to provide a clearer picture of economic growth over time. The GDP deflator is a measure that helps us understand how much of the change in nominal GDP is due to inflation. For example, if nominal GDP increases but real GDP stays the same, we can conclude that the increase is likely because prices have gone up, not because more goods and services were produced. Therefore, understanding the relationship between these three concepts helps us see whether an economy is truly growing or just experiencing inflation.