Last year, real GDP in Oceania was $620 billion and the population was 23 million. The year before, real GDP was $502 billion and the population was 20 million. What was the approximate growth rate of real GDP per person? Select one: a. 3 percent b. 7 percent O c. 10 percent d. 17 percentWhich statement best defines "indexation"? Select one: a. It is a process of adjusting the nominal interest rate so that it is equal to the real interest rate. O b. It is the use of a law or contract to automatically correct a dollar amount for the effects of inflation. c. It is the use of a price index to deflate dollar values. d. It is an adjustment made by Statistics Canada to the CPI so that the index is in line with the GDP deflator.CPI is based on a defined basket of goods and services. When the quality of a good deteriorates, what happens to the purchasing power of the dollar? Select one: a. It increases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. b. It increases, so the CPI understates the change in the cost of living if the quality change is not accounted for. c. It decreases, so the CPI overstates the change in the cost of living if the quality change is not accounted for. d. It decreases, so the CPI understates the change in the cost of living if the quality change is not accounted for