For this question, assume that 1980 is the base year. Given ...

[bclement10]

For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know that
 
  A) nominal GDP is always smaller than real GDP since 1980.
  B) real GDP and nominal GDP would be equal for the entire period.
  C) real GDP is larger than nominal GDP from 2002 to 2008.
  D) real GDP and nominal GDP were equal in 1980.
  E) none of the above

Question 2

When using the income approach to measure GDP, the largest share of GDP generally consists of
 
  A) interest income.
  B) labor income.
  C) indirect taxes.
  D) profits.
  E) capital income.

[dyrone]

Answer to Question 1

D

Answer to Question 2

B