Question 45 (1 point) Year Units of output Price per unit 1 20 $4 2 25 4 30 6 Consider an economy which is producing only one product. Output and price data for a three-year period are given in the table. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are: $180 and $120. $180 and $30. O $120 and $100. $30 and $5.Question 48 (1 point) The phase of the business cycle in which real domestic output (and not the output gap) declines is called: an expansion. the trough. the peak. a recession.Question 46 (1 point) Assuming that everything else remains constant in an economy, an increase in people's income would shift the market demand for a specific product to the left. O right or left, depending on the good. Oneither right nor left; it represents a movement along the curve. the right. Question 47 (2 points) If the natural rate of unemployment is 4.7 percent, the current unemployment rate is 7.5 percent, and the current GDP is 9 billion, according to Okun's law, the economy's potential output (in billion dollars, rounded to two decimal points) is: Your Answer: Answer Question 48 (1 point)Question 44 (1 point) Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2. What was the approximate rate of economic growth from Year 1 to Year 2? 3.2 percent 1.6 percent 2.4 percent 4.3 percentQuestion 43 (1 point) The following list of items is related to aggregate demand: 1. Entrepreneurial ability 2. Consumer expectations 3. Degree of excess capacity 4. Personal income tax rates 5. Productivity 6. National income abroad 7. Business taxes 8. Domestic resource availability 9. Prices of imported products 10. Profit expectations on investments Which two factors would most likely cause a change in investment spending? 2 and 5 6 and 9 2 and 7 3 and 10