Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. If we include discouraged workers when calculating the unemployment rate, what will happen to employment rate, unemployment rate? (2 points) 2. If the nominal

1. If we include discouraged workers when calculating the unemployment rate, what will happen to employment rate, unemployment rate? (2 points) 2. If the nominal GDP's of a country were $1.5 trillion in 2019 and $1.4 trillion in 2022, Can we conclude that the country had a GDP decrease in 2022? Why? (3 points) 3. Suppose in the year 2009, only two kinds of final goods are produced. 100 baskets of food at the price of $25 each, and 50 baskets of clothing at the price of $60 each. In the year 2012, there two types of final goods are, 108 baskets of food at the price of $30 each, and 80 baskets of clothing at the price of $65 each. Let 2009 be the base year. What is the GDP deflator for 2012? Based on this information, can you find the average GDP growth rate? Show the process step by step. (5 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Econometrics A Modern Approach

Authors: Jeffrey Wooldridge

7th Edition

1337558869, 978-1337558860

More Books

Students also viewed these Economics questions

Question

List and briefly describe five reasons for the study of history.

Answered: 1 week ago