1. For T-Land we have the Increase Base Increase information below information for GDP. From Year 2000 From Nominal Previous Real Previous There was 1% population growth in 2001. How much economic growth did T-Land have and how GDP $180,000 Year GDP $180,000 Year $191,100 6.2% $185,000 2.8% much did the average living standard increase in 2001 2. What is an Asset Bubble? 3. Why are financial markets important for economic growth? 4. What effect might a rise in stock prices have on consumers' decisions to spend? 5. Explain the difference between fiscal policy and monetary policy. 6. Explain the difference between bonds and stocks?