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answer asap Use the table to answer the following questions. Provide your answers to two decimals. (3 marks) 2018 2019 2020 Nominal GDP $8000 $9000

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Use the table to answer the following questions. Provide your answers to two decimals. (3 marks) 2018 2019 2020 Nominal GDP $8000 $9000 $12000 Real GDP $8000 $9500 $11000 a) Calculate the GDP deflator for years 2019 and 2020? Show the workings. (0.5 marks) b) What is the economic growth rate between the years 2019 and 2020? (0.5 marks) c) What is the base year? How do you make this decision? (0.5 marks) d) What is the percentage change of price level between the years 2019 and 2020? (0.5 marks) e) Which is greater (from 2018 to 2019), the percentage change in nominal GDP or percentage change in real GDP? Why? (0.5 marks) f) Can we make the conclusion that there is an improvement in the level of happiness of the people in this country over the years? Why or why not? Explain. (0.5 marks)

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