Using the following information for the state of North Dakot…

Using the following information for the state of North Dakota:                    Nominal GDP                    Real GDP                              Population                            Year                    (millions)                            (millions 2009 $’s)                                                  16,858                               21,876                                   647,544                                 1998                           26,491                               27,923                                   649,417                                 2006                     55,136                               48,233                                   739,486                                 2014 a) What is the average annual growth rate of North Dakota’s economy for the time periods listed?             (Note: time periods of interest are 1998-2006 & 2006-2014) b) What is the average annual inflation rate for North Dakota for the time periods listed? c) To what extent are living standards likely changing in this economy? Explain and support your        claim using evidence from the above table.

Given the following 4 scenarios:      A contract interest…

Given the following 4 scenarios:      A contract interest rate of 1.5% and the expected inflation rate was .5%.  r = 1 A contract interest rate of 8% and the expected inflation rate was 6.5%.   r = 1.5 A contract interest rate of 6.5% and the expected inflation rate was 2%.   r = 4.5 A contract interest rate of 10% and the expected inflation rate was 5%.    r = 5 a) Indicate which ex ante scenario would have been best for the lender and explain why it is best for the lender. b) With an ex post actual inflation rate of 4.9%, indicate which scenario would have been best for society and     explain why it is best for society of the four options. c) Suppose the country is the United States, if you could change the ex-post inflation outcome to match one of the ex     ante inflation rates, i. indicate which scenario above would be best with your choice. ii. explain why you made the choices you made.