1. See the output data (below) for Economics Land. It is over a ve-year period for an economy that produces only one good (Econ Cookies). Year 2 is the base year (index year) . Units of Price Year output per unit $2 20 3 30 36 40 6 (a) Year 2 is the base year, what is the price index (inflation) for year 3'? (b) What is the nominal GDP for year 4'? (c) What is the real GDP for year 4'? (d) What years you would deate nominal GDP and which years you would inate nominal GDP in nding real GDP. 2. Economics Land's real GDP is $100,000 in year 1 and $110,000 in year 2. What is Economics Land's growth rate of its Gross Domestic Product? Assume that population was 200 in year 1 and 205 in year 2. What is the growth rate in GDP per capita'iI 3. Explain how each on of the following scenarios will either promote or retard economic growth. a. Increasing corruption allows government ofcials to steal people's homes. b. A nation introduces patent laws for the rst time. c. A court order shuts down all banks permanently. d. A poor country extends free public schooling from 8 years to 12 years. e. A nation adopts a free-trade policy. f. A formerly communist country adopts free markets