\f14 Nominal GDP Real 8 01:19:04 GDP Nominal and real GDP ($) O 1992 Time Refer to the above diagram. Which of the following statements is correct? Multiple Choice O The price Index is greater than 100 for every year shown on the graph. O Nominal GDP must be deflated in each year since 1992 to determine real GDP. O Real GDP has grown in this economy, but nominal GDP has not. O Nominal GDP must be deflated in each year prior to 1992 to determine real GDP.\f19 When the unemployment rate is relatively high, we can conclude that: Multiple Choice 01:45:31 O potential GDP is in excess of actual GDP. O the economy is in the expansion phase of the business cycle. O actual GDP is equal to potential GDP. O actual GDP is in excess of potential GDP.5 In national income accounting, G stands for: Multiple Choice 01:20:33 gross saving. government transfer payments. O government purchases O gross Investment.6 If we add up the figures for wages, rent, interest and profit: Multiple Choice 01:19:30 O we obtain a figure which is equal to the GDP by the expenditure approach. O the figure is not equal to the GDP by the expenditure approach because the Canadian national accounts do not reflect each of these four factors of income and also because a few adjustments are necessary. O the figure is not equal to the GDP by the expenditure approach because it does not include the amount of investment. O It does not reflect the actual figure for the GDP by the expenditure approach because it does not include the amount of consumption