Use the following table to answer question 1.4: Nominal GDP 280 315 305 Year 2009 2010 2011 1.4 The increase in real GDP between 2009 and 2011 is: a. 0,0714% b. 5% c. 7,14% d. 20% Real GDP 280 260 300 1.5 Which of the following statements is/ are correct? 1. If nominal wages rise by an average of five per cent per year and the prices of goods and services increase by an average of three per cent per year, this implies an increase in real wages of approximately of two per cent. 2. A change in the wage rate will shift the demand curve for labour. 3. A change in the prices of other factors of production will shift the supply curve of labour. a. Only 1 and 2; b. Only 2 and 3; c. Only 1 and 3;

d. Only 1; e. All the statements are correct.

Use the following table to answer question 1.4: 1.4 The increase in real GDP between 2009 and 2011 is: a. 0,0714% b. 5% c. 7,14% d. 20% 1.5 Which of the following statements is/are correct? 1. If nominal wages rise by an average of five per cent per year and the prices of goods and services increase by an average of three per cent per year, this implies an increase in real wages of approximately of two per cent. 2. A change in the wage rate will shift the demand curve for labour. 3. A change in the prices of other factors of production will shift the supply curve of labour. a. Only 1 and 2; b. Only 2 and 3 ; c. Only 1 and 3; d. Only 1; e. All the statements are correct