Question 1 4 pts Real - Vs. - Nominal GDP Explain why it is more meaningful to use Real GDP than Nominal GDP to measure economic growth.Consumer Price Index (CPI), and Inflation A typical family of four in country X buys 104 loaves of bread and 52 sticks of butter each year. Concerned about inflation the head of the family decides to create a Consumer Price Index (CPI) of these goods. 2018 2020 Base 2019 year 104 Loaves $1.55 $1.77 $2.12 of bread 52 sticks $4.10 $4.60 $6.15 of butter 1. Using the data above calculate the CPI for each year. (2 points each) 2018: CPI 2019: CPI 2020: CPI 2. Calculate the inflation rate as CPI increases from 261.58 to 278.80? (1 point)Question 3 3 pts Converting dollar value from one year to another, i.e adjusting dollar values for inflation. In 1937, when consumer price index (CPI) was 14.40, private detective J.J. Gittes charged $35 a day for his services. Inflation adjust his daily service fee to 2022 when CPI is estimated to be 296.16. (3 points)