Gm545 Quiz 2

Grading Summary / Quiz 2 PLEASE designate ANSWERS IN YOUR OWN WORDS!!!!!!!!!!!!!!!!!!!!!!!!| | Grade Details - all hesitations | 1.| Question :| (TCO F) The coat of the campaign campaign in a familiarity is 800, and 720 of these folks argon gainfully employed. In this fellowship, 200 gang over the suppu point of 16 do non coif one across a job and ar not looking for work. In addition, cytosine people in the community are at a lower place the age of 16. The unemployment account is ______.| | | Correct answer| The unemployment rate is cypher by dividing the number of unemployed by the labor force. The labor force is calculated by subtracting three things from the population (# under 16, # of commit adults, and # not looking for work). In this example, you are attached the size of the labor force (800), and you are similarly told that 720 are employed. Therefore, 80 are unemployed, and the unemployment rate is simply 80/800 or 10%.| | | | | 2.| Question :| (TCO F) Suppose nominal earthy domestic mathematical product in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general cost mogul in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real gross domestic product rose wine by what part?| | | Correct answer:| You need to range use of the puffiness formula for the gross domestic product deflator here and equality results betwixt the both years.

For 2005: 100 = [$15 T / legitimate GDP] x 100 So, square GDP mustiness equal $15 T. You could also recognize that actually GDP and nominal GDP are the same in the base year.For 2006: 103 = [$16 T / echt GDP] x 100 1.03 = [$1! 6 T / Real GDP] Real GDP = $16 T / 1.03 So, Real GDP must equal $15.534 T.The percentage increase in Real GDP will then be [(15.534 - 15) / 15] x 100 = (0.534 / 15) x 100 = 3.56% Therefore Real GDP increases by 3.56% surrounded by 2005 and 2006.| | | | | 3.| Question :| (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about ______.| | | Correct answer...If you want to give birth a full essay, order it on our website: BestEssayCheap.com

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