1. In 2020, the nominal GDP of Mexico was $1.08 trillion while that of Brazil was $1.45 trillion. Based on this information, we can conclude that: A. Brazil had a higher output growth rate than Mexico. B. The standard of living in Brazil was higher than in Mexico. C. Brazil had a higher level of output than Mexico. D. All of the above. E. None of the above. 2. Okun's law tells us that: A. Output is positively correlated with unemployment. B. Output is negatively correlated with unemployment. C. Output is positively correlated with inflation. D. Output is negatively correlated with inflation. E. Inflation is negatively correlated with unemployment. 3. Suppose the unemployment rate increased but the number of people who have jobs remained unchanged. What necessarily happened to the size of the labor force? A. It increased. B. It decreased. C. It stayed the same. D. Need more information to answer the