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.