92. Gross Domestic Product computation You are given the following information on the economy of a hypothetical country. Use the information to answer the questions a, b, and c. Year 2002 a. Which year is the base year? Why? Population 31,360,079 31,644,028 31,940,655 32,243,753 32,571,174 32,889,025 33,247,118 33,628,895 34, 004, 889 b. Calculate the following (Use Microsoft Excel for the calculation) 1. GDP Deator ii. Calculate the standard of living iii. Growth rate of the standard of living 1v. Growth Rate v. Population Growth Rate vi Labour productivity growth rate. c. Using one sentence describe each of the results in \"b\". d. Analyse the results in iii, iv, v, and vi. Labor Productivity 51.6 51.7 52.3 53.4 54.1 54.1 53.8 53.9 54.7 (2 marks) (10 marks) (3 marks) (5 marks) e. Take a critical look at the 2007 and 2008 growth rates in \"b\". What do you observe? Provide an economic explanation to what you observe. (5 marks) f. Based on your calculation above, what can you say about the economy. Provide detailed response and include any policy recommendation