econ 203 lab 1 question 11 :)

Question 11 [5 points] For all the questions below select the appropriate answer: a) A basic measure of the standard of living in a country is: O that country's nominal GDP. O that country's real GDP. O that country's nominal GDP per capita. O that country's real GDP per capita. b) Based on your observations and study of economics you know that: O Canada has experienced falling prices, a deflation, over the past decade. O annual inflation in Canada has averaged about 2.0 percent in the past decade. O Canada has been without inflation, prices have been constant, for the past decade. O annual inflation in Canada in the past decade has averaged about 10 percent. c) Decisions by producers to hire more factors of production and produce more produce goods and services: O result in inefficient production and wasted resources O result in incomes for households that can be used to buy producer's outputs. O contribute to the inflation rate in the economy. O are not related to the expenditure plans of households and businesses. d) If increasing retirements by 'baby-boomers' reduce the annual growth rate of the labour force from 3 percent to 2 percent while employment continues to grow by 2.5 percent: O the unemployment rate will fall by about 0.5 percent. O the unemployment rate will remain unchanged O the unemployment rate will increase by about 2 percent. O the unemployment rate will be about 2.5 percent. e) Over the period 2004 to 2007 Canadian real GDP: O grew at an annual rate of about 3.0 percent. O grew at an annual rate of about 10 percent. O was unchanged. O declined about 2 percent a year