Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020. Year 2010 2015 2020 Nominal GDP ($millions) 17500 18222 18755 GDP Deflator 103.7 104.8 105.9 Over each 5-year period, there were no significant changes to government policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.59%. This resulted in a 59% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5% The following table represents additional information for the Melanesian island nation: Year 2010 2015 2020 Employment population ratio (%) 64 65 66 (Question 12 of 12) Describe the state of the economy over the decade, 2010 to 2020. (complete the following paragraph) The economy over the decade. Specifically, the economic growth rate for the first five years was percent and for the second five years, it was percent. Further analysis reveals that for the first five years, there was in labor productivity and the average person experienced v in their standard of living. For the second five years, there was in labor productivity, and the average person experienced in their standard of living. Given the information provided, It is likely that over the decade, these observed changes in labor productivity and the average person's standard of living resulted from changes v . Furthermore, it is likely these changes led to v in aggregate demand and in aggregate supply, and this resulted in v in the overall price level and v in real output.a decrease an increase in net migration in government policies li'l the population in nominal GDP expanded had a mixture of expansion and recession a mixture of increase and decrease in the no change receded a negligble change 1-856 2.925 3.033 4.126