Question 18 (1 point) If a product is in surplus supply, we can conclude that its price: O is above the equilibrium level. O is below the equilibrium level. is in equilibrium. Iwill rise in the near future. Question 19 (1 point) If the economy's real GDP doubles in 18 years, we can: conclude that its average annual rate of growth is about 5.5 percent. conclude that its average annual rate of growth is about 4 percent. not say anything about the average annual rate of growth. conclude that its average annual rate of growth is about 2 percent. Question 20 (2 points)Question 20 (2 points) Suppose an economy grows annually at a constant rate of 5%. Assuming that the real GDP is $1 trillion at the beginning, which of the following numbers most closely represent the size of the economy after 50 years? $1.5t $8t $2.5t O $5tQuestion 21 (2.5 points) Year price of meat price of bread price of gas housing price (per Kg) (per Kg) (per It) (monthly rent of 1 bd unit) $10 $20 $1.5 $1000 $12 $18 $1.5 $1200 Suppose a consumer basket consists of 40 Kg meat, 50 Kg bread, 400 It gas, and a one bedroom apartment for one year. Using the table above, compute the inflation rate in this economy based on CPI between years 1 and 2. 17% O 12% 6% 10% Hide hint for Question 21 Note that the consumer basket contains a one-bedroom apartment for 12 months.Question 17 (1 point) 3 AS3 AS2 6 AS, Price level Q 1 Q1 Q 2 Real output Refer to the above diagram. Assume that the nominal wages of workers in an economy are initially set on the basis of the price level P2 and that the economy is initially operating at the full-employment level of output Of. In the short run, an increase in the price level from P2 to P3 will: shift the aggregate supply curve from AS2 to AS3. increase the real output from Of to Q2. ()shift the aggregate supply curve from AS2 to AS1. increase the real output from Of to O