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- The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the fir the table. Real GOP ($billions) Unemployment rate GDP Gap (billions) $ 2018 $650 7.5% 5.32 2019 $625 6.8% $-0.018 2020 $775 6.0% $-0.010The island nation of Coronia subsists entirely on pancakes and syrup. That is, they produce and consume only pancakes and syrup in the following amounts: Pancake Mix (cases) Maple Syrup (gallons) Quantity Price Quantity Price 2019 16 5 8 30 2020 48 6 10 50 (a) Using a method like the CPI, compute the CPI in 2019 and 2020 and percentage change in the overall price level from 2019 to 2020 (inflation rate). Use 2019 as the base year and fix the market basket at 4 pancakes and 2 syrups. (b) Using a method like the GDP deflator, compute the GDP deflator in 2019 and 2020 and percentage change in the overall price level from 2019 to 2020 (inflation rate). Use 2019 as the base year. (c) Is there a difference in the inflation rate using the two methods? Explain why or why not.a) Following data from the labour department of Country X is provided In Millions Total Civilian Population 340 Employed Workers 123 People not looking for work 48 People incapable of work 23 Using the table above, calculate the unemployment rate. b) Based on the information given in the table below, calculate the value of Net Domestic Product (NDP) of Country X. ITEM $(millions) Household Consumption 2,780 Depreciation of capital goods 365 Factor income received from abroad 580 Government investment 824 Exports 663 Imports 790 Factor income paid to abroad 525 Gross private domestic investment 894 Government Consumption 347 Transfer Payments 1,109 c) What is the difference between 'flow' and 'stock'? d) Explain three shortcomings of using GDP to measure the size of the economy.
- You have the following relationship between unemployment and GDP: u = 8.6 - 0.75(Y - 1000). If Y is 999$, how much is the natural rate of unemployment? What your answer as a percentage, round at one (1) decimal, but do not write the percentage sign. %3D4.6M Filipinos jobless in July as unemployment worsens in Metro Manila - PSA Metro Manila (CNN Philippines, September 3)-Some 4.6 million Filipinos were out of work in July, slipping from an all-time high as lockdown rules were gradually eased, the Philippine Statistics Authority said Thursday. The PSA reported a 10 percent unemployment rate among Filipinos aged 15 and up, easing from 17.7 percet in April although still higher than the 5.4 percent level a year ago. National Statistician Dennis Mapa said in a media briefing that the relaxation of community quarantine rules allowved more Filipinos to return to work. However, unemployment was worse in Metro Manila at 15.8 percent or about 929,000 adults, surpassing the national average and rising from the 12.3 percent share of jobless residents for the region in April. Calabazon tallied about 886,000 unemployed, while Central Luzon had 552,000 jobless Filipinos, he added. These economic centers also count among the biggest number…The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Number of people Employed 5505 Unemployed 452 Not in the labor force 571 What is the total labor force? What is the labor force participation rate? % What is the unemployment rate? % Suppose 246 of the 452 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? What is the new labor force participation rate? % What is the new unemployment rate? %
- explain how GDP could be a factor for the unemployment rateEllen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to get: Unemployment rate 5.0% Participation rate 62.5% Not in the labor force 60 million Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: millionWorking-age population: millionNumber of employed workers: millionNumber of unemployed workers: millionReal Gross Domestic Product (GDPY 2.476 billion US dollars Real income per capita in Lusitania is $ (Round your response to the hearest dollar.) Real income per worker in Lusitania is $ (Round your response to the nearest dollar) The following table gives you the same information for the country Arctica 2011 Population, total in Arctica Employment 120 million 60 million Real Gross Domestic Product (GDP) 3,600 billion US. dollars Real income per capita in Arctica is $ (Round your response to the nearest dollar Real income per worker in Arctica is $ (Round your response to the nearest dollar) Based on the information, V would be considered more productive since its V is higher Using the information given in both of these tables to compare living standards in Lusitania and Arctica you should use O A. the dependency ratio. O B. real income per capita O C. absolute real GDP in U.S. dollars O D. real income per worker. Click to select your answer(s).
- A country produces only sugar and wheat in the quantities and prices listed below. The GDP deflator is given by Nominal GDP/Real GDP *100. If 2018 is the base year, i. What is the GDP deflator for years 2019 and 2020? Show your workings ii. What is the inflation rate year 2019-2020? Show your workings Year Price of sugar Quantity of sugar Price of wheat Quantity of wheat 2018 $2.00 200 $10 40 2019 $2.30 250 $14 50 2020 $2.75 280 $18 80Percentage GDP Gap (4.00) Okun's Law (Quarterly Data from 1st Quarter of 1949 to 2nd Quarter of 2019) 0.100 (3.00) (2.00) 0.080 0.060 0.040 0.020 (0.040) (0.060) (0.080) 1.00 Cyclical Unemployment Rate 2.00 3.00 Okun's a 1.4 4.00 5.00 6.00 Consider the graph above that exhibits the Okun's Law. The graph has been constructed using the quarterly data on U. S. real GDP, potential GDP, and cyclical unemployment rate from 1949 to 2019. The graph indicates a positive relationship between cyclical rate of unemployment and the percentage GDP gap. This is as predicted by Arthur Okun. However, notice two things. First, the relationship is not exact. The points do not lie very close to the line of best fit. Second, the Okun's alpha for this period equals 1.40. However, the existence of a positive relationship is undeniable. The Okun's alpha in that graph (1.40) indicates that if the cyclical rate of unemployment is 3%, the GDP gap will equal the cyclical rate of unemployment is -3%, the GDP gap…Suppose that the nominal GDP in 2017 was $3,968 (in thousands) and 2018 is the base year. Nowthe nominal GDP for years 2018 and 2019 will be the sum of the nominal GDP of the previousyear and the cost-of-living adjustment (COLA.) for the current year. [COLAs per year are equalto the percentage increase of the rate of inflation.] When we calculate the nominal GDP this way,what is this economy’s real GDP each year?