What are possible problems that arise using nominal GDP? a) Nominal GDP is calculated using the existing prices at which final goods and services are actually sold and, therefore, it will change as prices change, even if real production remained the same. b) Nominal GDP is not adjusted for inflation. c) Nominal GDP is impacted by two variable at the same time: production in real terms and prices, and it is not able to isolate these two variables. d) All of the above. Please response all the 4 question answer.

Figure 1 Year (billions deflator 2003 600 100.0 1,000 133 3 Refer to Figure 1. What happens to real and nominal GDP in the base year (2003)? In the base year, real and nominal GDP are the same, because the prices of goods sold in O the current year 2003 (used for nominal GDP) are the same as prices in the selected base year 2003 (used for real GDP) O There is no relation between real and nominal GDP in the base year. O all of the above O none of the above QUESTION 11 Nominal GDP GDP Figure 1 Year (billions) deflator 2003 600 100.0 2008 1,DOO 1333 Refer to Figure 1. Measured in terms of 2003 prices, real GDP in 2003 was: 600 750 900 1,333 What does GDP per capita likely tell us? O It reflects the production and economic healthinto an individual citizen, so it roughly determines the standard of living in a particular country. It is a measure of a country's economic output that accounts for its number of people. It is calculated by dividing GDP by its total population. All of the above