2. Table 11.6 (below) shows the nominal GDP of Denmark from 2005 to 2012.40

a. Calculate the annual growth rate of Denmark’s nominal GDP from 2006 to 2012.

b. Supposing both population and the price level remained constant in Denmark in 2005–2012, in what year(s) were Danes likely to see a fall in their standard of living?

c. Supposing population remained constant, and the price level increased 10 percent annually during 2005-2012, in what year(s) did Danes see a rise in their standard of living?