TUTORIAL 5 Consider the following data for Uton country: YEAR NOMINAL GDP GDP DEFLATOR (S BILLION) (base year 1996) 2006 10,973 120 2000 10.260 118 1) Calculate the growth rate of nominal GDP between 2000 and 2006. (1 mark) What was the real GDP for year 2000 and 2006. (2 marks) What is the growth rate of real GDP between year 2000 and 2006? (1 mark) iv) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain. (1 mark) Based on the following table, answer the questions. Itoms 2007 2008 Nominal GNP RM 145 000 million RM 210 000 million Price Index 100 120 Population 20 million 25 million 1) Calculate real GNP for 2007 and 2008. (2 marks) Using the real GNP, calculate the rate of growth for this economy between 2007 and 2008. (2 marks) ifi) Calculate the Real Income per capita for 2007 and 2008 and what is the trend for standard of living for that country