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Directions: Answer the following question on a separate sheet of paper. Show all your work. 2005 Quantity 2005 Price 2006 Quantity 2006 Price Base Year Tree Linens 6 $3 8 $4 Armadillo Meat 5 $6 10 $10 DVR Rentals 2 $4 5 $5 The output and prices of goods and services in the country of Lazarshawland are shown in the table above. Assuming that 2005 is the base year, calculate each of the following: i. The nominal GDP in 2006 ii. The real GDP in 2006 B. If in one year the price index is 50 and in the next year the price index is 55, what is the rate of inflation? C. Assume that next year's wage will show an increase that is 3% higher that this year's wage because the King of the country expects inflation. When calculated the actual rate of inflation is 5%. At the beginning of the next year will the real wage increase, decrease or remain the same? Explain. D. Assume that Mrs. Bernstein gets a fixed-rate loan from the bank to finance her trips to Europe when the expected inflation rate is 3%. If the actual rate of inflation is 1% who benefits from the unexpected inflation? Explain. 2. The country of Brokampia is experiencing severe and unanticipated inflation. a. Explain the effect of this inflation on each of the following: i. An 84 year old woman on a fixed income from the government. ii. A 50 year old male repaying a signature loan with a fixed interest rate. b. What fiscal policy could be used to reduce inflation? c. Suppose that Brokampia experiences this inflation for an extended period of time. What will be the effect of the nominal interest rate? Why