Consider the following statements regarding the GDP Deflator and Base Year: 1. In the base year, the value of Nominal GDP is always equal to the value of Real GDP. 2. The GDP Deflator for the base year is always 100. 3. If the GDP deflator is less than 100, it implies that the price level in the current year is lower than in the base year. Which of the statements given above are correct?

Options:

• A: 1 and 2 only
• B: 2 and 3 only
• C: 1 and 3 only
• D: 1, 2 and 3

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