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Numbers from this table are used in the next 3 questions. Population Workers GDP Nominal year (millions) (millions) Deflator GDP CPI ($trillions) 2020 300 150 115 23 260 2060 400 200 210 210 520 2080 350 225 240 280 640 Question 1 2 pts What is the average annual inflation rate for consumers from 2020 to 2060? less than 1% between 1% and 1.5%between 1.5% and 2.0% between 2.0% and 2.5% between 2.5% and 3.0% between 3.0% and 3.5% more than 3.5% Question 2 2 pts What is the average rate of economic growth from 2020 to 2060? less than 1% from 1.0% to 1.5% from 1.5% to 2.0% from 2.0% to 2.5% from 2.5% to 3.0% from 3.0% to 3.5% more than 3.5% Question 3 2 pts What is the average rate of inflation for the economy from 2020 to 2080? O less than 1%5'\" from 1.0% to 1.5% 5'? from 1.5% to 2.0% .5:\"I from 2.0% to 2.5% I5'\"I from 2.5% to 3.0% If\"? from 3.0% to 3.5% (\"I more than 3.5% The President and Congress control scal policy. They do not have a dual mandate like the Fed, but in the face of a recession, they are likely to change federal expenditures (government purchases of newly produced goods and transfers) and taxes. As a result of their actions during a recession, what is likely to happen to the federal decit as a result? I5'\"I decline I5'\".I stay the same (\"I increase Question 5 2 pts A new word in Section 2 of our course is "technology." Of course, this is a common everyday word. But, in our course does it have the common everyday meaning? Which ones of the following have a specic name for their growth rate or percentage change? There may be more than one correct answer. Also, note that you lose points if you select an answer that is incorrect so that people who select every answer won't get full credit. [:1 real GDP [3 real price [3 CPI [j the GDP deator In this section we looked at the growth rate formula for measuring the average annual growth rate of a variable, such as the CPI, the GDP deator, or real GDP. It can be used for any two years, which may be years apart. For example, in the worksheet you computed the average annual rate of ination from 1920 to 2020. If you use the growth rate formula for a variable one year apart, do you get the same value as you do with the percentage change formula? Hint: Say that real GDP grew from $20.0 trillion one year to $20.4 trillion the next year. Do both the percentage change and the growth rate formulas give you the same answer? I?\" yes Question 8 1 pts Say that you have values for real GDP that are 10 years apart (for example for 2009 and 2019). If you used the percent change formula on these values, the number you calculate would be the average annual growth rate over these 10 years. 3:\" true If\" false