The residents of Greenview Island spend all of their income on a basket of goods made up of cauliflower, broccoli, and carrots. In 2015, they spent $20 per bundle for 1000 bundles of cauliflower; $7.50 per bunch for 500 bunches of broccoli; and $5.00 per package for 5000 packages of carrots. In 2016, they spent $25 per bundle for 1000 bundles of cauliflower; $8.00 per bunch for 500 bunches of broccoli; and $5.00 per package for 5000 packages of carrots. If the base year is 2015: What was the inflation rate in 2016? Select one: a. 6.67% b. 10.77% c. 15.83% O d. 25.00%Which statement best represents a transfer payment within the context of GDP? Select one: a. You transfer $1000 from your bank account to a mutual fund b. The bank transfers $10 quarterly interest to your savings account c. The government sends old age income supplement payment cheque to a senior citizen d. Your employer automatically transfers $100 each month from your wages to a nontaxable medical spending accountC A B D Referring to the circular-flow diagram, which of the following is NOT correct? Select one: a. The outer loop represents the flow of inputs and outputs b. The outer loop represents the flow of spending and income C. Box C represents the goods and services market and Box D the factors of production market d. The inner loop represents the real economy while the outer loop represents the money economy