Table 2 Year Nominal GDP (in millions of $) Real GDP (in millions of $) Population Price Index: GDP Deflator Musicland 2005 3,900 1,950 50,000 200 2006 7,000 2,500 55,000 280 Sportsland 2005 1,900 1,800 30,000 106 2006 2,300 1,900 31,000 121 Refer to information in Table 2. What is true about the standard of living and inflation rates in Musicland compared to Sportsland from 2005 and 2006? Group of answer choices Both the standard of living and the inflation rate are higher in country Musicland. Both the standard of living and the inflation rate are higher in Sportsland. The standard of living is higher in Musicland; the inflation rate is higher in Sportsland. The standard of living is higher in Sportsland; the inflation rate is higher in Musicland