Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 2SPPA
To determine
To identify:
The events that will increase the
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The GDP in China is $12.2 trillion. The rate of
inflation is 2.5%. If the population of China is
1,421,021,000, find the per capita GDP in this
country.
per capita GDP = $ [?]
Round to the nearest hundredth.
Copyright © 2003-2022 International Academy of Science. All Rights
Reserved.
P in China is $12.2 trillion. The rate of
mis 2.5%. If the population of China is
21,000, find the per capita GDP in this
country.
H
t
Enter
a
H
M
D
b. The following tables provide economic data about a country.
Year 2020
21.5 million
15.9 million
0.35 million
Economic Data
Total population
Labor force
Unemployed workers
Consumer Price Index 115
Year 2021
22.3 million
14.1 million
0.69 million
119
Answer the following questions using the economic data above. Make sure that you
provide formulas for your calculations.
i. Calculate the inflation rate of year 2021.
ii. Calculate the unemployment rate of year 2021.
c. Discuss how the government might respond through fiscal policy if the unemployment
rate remains high.
d. Inflation can be harmful to a country's economy. Discuss how demand-pull inflation
occurs in the economy using diagrams.
Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this
economy is 10.4 percent, and the labor force participation rate is 72.5 percent.
a. What is the size of the labor force?
b. How many people are unemployed?
c. What is the size of the working-age population?
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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