Please answer all multiple choice questions (1-3)

1. A politician boasts that under his government, the country's nominal GDP went from $2.5 trillion in 2016 to $3.5 trillion in 2020 . If the GDP deflator was 1.15, what is the real GDP of the 2020 year in 2016 dollars?

a) Approximately $540 billion.

b) Approximately $3.04 trillion.

c) None of these values are correct.

d) Approximately $2.88 trillion.

e) Approximately $2.17 trillion

2. Louis recently quit his job and has started looking for a new job that is closer to his home in the suburbs. He is also looking for a job that has more flexible hours. This type of unemployment is:

a) Technological Structural Unemployment

b) Replacement Structural Unemployment

c) Frictional Unemployment

d) Cyclical Unemployment

e) Seasonal Unemployment

3. A Canadian citizen buys a $50 item from China to use at home. Which component of the GDP has been affected?

a) Exports

b) Consumption Spending

c) Investment Spending

d) Imports

e) Government Spending

Give explanation