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Question 3 Refer to the following data about Country X. Year 1 Year 2 Total population (million) Nominal GDP ($'million) GDP deflator a) Calculate the change in Real GDP per capita between year 1 to year 2. (3 marks) b) Does the answer in (a) fully reflect the change in people's living standard in Country X? State two supporting reasons in your answer. (3 marks) c) Calculate the inflation rate of Country X in year 2. (2 marks) d) Suppose people in Country X do not expect the change in the general price level during year 1 and 2. Explain whether the following people will lose or gain. (2 marks) i) Mrs. Cheung deposited $100,000 cash into a time deposit account in year 1, with interest rate of 3% pa ii) Jacky signed a 2-year rental contract for a shop premises at monthly rent of $28,000 in year 1