In 2020 the small country of Ausland had recorded GDP of $400,000. In 2021, GDP in Ausland was recorded as being $460,000. q1

What was the nominal growth rate of GDP in Ausland between the two years?

a.15%

b.12%

c.$60,000

d.12.5%

Q2

Ceteris paribus, as the level of capital per worker rises, the level of output...

a.increases at an increasing rate

b.falls at a decreasing rate

c.increases at a decreasing rate

d.falls at an increasing rate

Q3

An upward shift of the Phillips curve for an economy could be caused by...

a.A negative supply shock that increases the cost of producing goods and services

b.A positive supply shock that decreases the cost of producing goods and services

c.A positive demand shock that decreases the unemployment level in the economy

d.A negative demand shock that increases the unemployment level in the economy