The following table shows the nominal GDP figures and price levels of Country M from year 2016 to 2020 (base year is 2017). Year 2016 2017 2018 2019 2020 Nominal GDP ($ in million) (a) Define inflation. (i) (ii) 48,000 48,800 51,200 54,600 55,800 Price Levels 97 100 103 107 110 (b) Calculate the inflation rates between the years: 2016 and 2017. 2017 and 2018. (c) Calculate the real GDP for each year from 2016 to 2020. Real GDP ($ in million) (2 marks) (2 marks) (2 marks) (5 marks)