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1. Below is the data from the country of Laylez Year Price of Cars Qty of Cars Price of Qty of Motorcycles Motorcycles 2017 $25,000 1000 $15,000 500 2018 $25,000 2000 $15,000 1000 2019 $27,500 2000 $17,500 1000 a. Compute nominal GDP, real GDP, and the GDP deflator for each year using 2017 as the base year. b. Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2018 and 2019 from the preceding year. c. Did economic well-being rise more in 2018 or 2019? Explain. 2. Consider the following data for the country of Laylez Year Nominal GDP GDP Deflator (in billions) (base year 2010) 2018 $1575 108 2019 $1643 112 a. What was the growth rate of nominal GDP between 2018 and 2019? b. What was the growth rate of the GDP deflator between 2018 and 2019? c. What was real GDP in 2018 measured in 2010 prices? d. What was real GDP in 2019 measured in 2010 prices? e. What was the growth rate of real GDP between 2018 and 2019