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Use the following to answer questions 6-7: Assume an economy which is producing only one product. Output and price data for a three-year period are as follows. Year Units of output Price per unit 1 20 $4 25 4 WN 30 6 6. Refer to the above data. The nominal GDP for year 3 is: A) 125 percent higher than the nominal GDP for year 1. B) 50 percent higher than the nominal GDP for year 1. C) $120. D) $30. 7. Refer to the above data. If year 2 is chosen for the base year, in year 3 nominal GDP and real GDP, respectively, are: A) $180 and $30. B) $30 and $5. C) $180 and $120. D) $120 and $100. Use the following to answer questions 8-9: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1.8. Refer to the above information. If the per unit prices of the three goods each were $1 in a base year used to construct a GDP price index, then real GDP in the current year: A) is $110. B) is $115. C) is $45. D) cannot be determined on the basis of this data. 9. Refer to the above information. Nominal GDP in the current year is: A) $110. B) $115. C) $45. D) $9010. The unemployment rate in an economy is 12 percent. The civilian labour force is 50 million. The number of employed workers in the economy is: A) 38 million. B) 40 million. 42 million. D) 44 million. 11. Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in P.E.I. That year, Professor Simpson would be officially counted as: A) structurally unemployed. B) frictionally unemployed. C) not in the labour force. D) employed. Use the following to answer questions 12-13: The following information is about a hypothetical economy: Full-time employed = 80 Part-time employed = 25 Unemployed = 15 Discouraged workers = 5 Members of underground economy = 6 Consumer Price Index = 110 12. Refer to the above information. If the members of the underground economy are presently counted as part of the unemployed when in fact they are employed, the official unemployment rate is overstated by: A) 0 percentage points. B) 2 percentage points. C) 5 percentage points. D) 6 percentage points