no need for explanations, just double checking ym answers.

1) The period after a trough in the business cycle is a(n):

a) inflation

b) peak

c) recession

d) recovery

2) In all economies, a key ingredient for long run growth is:

a) an increase in the natural rate of unemployment

b) a trade surplus

c) government planning for resource allocation decisions

d) technological development

3) Suppose you earned an income of $30,000 during 2019.During 2020 you would like to receive a 5 percent increase in real purchasing power. At the same time inflation is expected to be 3 percent in 2020.What income would you need to earn in 2020 in order to achieve your goal for real purchasing power?

a) 31,500

b) 32,400

c) 33,000

d) 30,900

4) Assume the data are for a national economy for 2017 and 2018: A nation's nominal GDP rose from 10,000 in 2017 to 12,000 in 2018. Its GDP price index rose from 200 in 2017 to 222 in 2018.

To the nearest hundreds of dollars, what was this nation's real GDP in 2018?

a) 12,000

b) 6,000

c) 9,000

d) 5,400