18-point question 1Using the following information for a U.S…
18-point question 1Using the following information for a U.S. state: Nominal GDP Real GDP Population Year (millions) (millions 2009 $’s) 1,151,119 1,421,713 32,987,911 1998 1,879,520 1,975,457 36,020,878 2006 2,350,807 2,143,167 38,792,459 2014 Note: time periods of interest are 1998-2006 & 2006-2014.a. What is the average annual growth rate for this state during the time periods listed. b. What is the average annual inflation rate for this state during the time periods listed?c. To what extent are living standards likely changing in this economy? Explain and support your claim using data from the table above.