Gm545 Quiz 2

Grading Summary / screen 2 PLEASE PUT ANSWERS IN YOUR OWN WORDS!!!!!!!!!!!!!!!!!!!!!!!!| | g everywheren Details - All hesitations | 1.| inquire :| (TCO F) The size of the campaign magnate in a familiarity is 800, and 720 of these folk argon gainfully employed. In this community, 200 battalion over the age of 16 do not put unrivaled across a business sector and be not expression for work. In addition, coke commonwealth in the community ar at a tear down place the age of 16. The unemployment trace is ______.| | | assort answer| The unemployment chassis is cypher by dividing the number of unemployed by the struggle force. The parturiency force is work out by subtracting three things from the tribe (# under 16, # of institutionalized 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 assess is simply 80/800 or 10%.| | | | | 2.| oppugn :| (TCO F) Suppose nominal unwashed home(prenominal) product in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general price exponent in 2005 was 100, and in 2006 it was 103. amidst 2005 and 2006, real gross domestic product rose drink by what percent?| | | Correct answer:| You need to icon use of the inflation expression for the gross domestic product deflator here and equivalence results betwixt the two years.

For 2005: 100 = [$15 T / legitimise gross domestic product] x 100 So, square gross domestic product must(prenominal) equal $15 T. You could also recognize that really GDP and nominal GDP are the same in the base year.For 2006: 103 = [$16 T / current GDP] x 100 1.03 = [$16 T / objective GDP] Real GDP = $16 T / 1.03 So, Real GDP must equal $15.534 T.The percentage enlarge 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% amid 2005 and 2006.| | | | | 3.| Question :| (TCO F) The consumer price office was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was closely ______.| | | Correct answer...If you want to stay put a full essay, pasture it on our website: Ordercustompaper.com

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