Question
51. The following table represents a simple, fictional economy. It shows the products being produced each year and the price the product is sold for.
51. The following table represents a simple, fictional economy. It shows the products being produced each year and the price the product is sold for. Use the information in the table to answer the following question:
What is the real GDP in the year 2015 if 2014 is the base year? Please round to two decimal places and do not include the dollar sign. For example, if your answer turns out to be $574.2486, you would enter 574.25
2014 Price | 2014 Quantity | 2015 Price | 2015 Quantity | |
Blankets | $1.21 | $12 | $1.44 | $20 |
Headphones | $18.88 | $9 | $20.76 | $12 |
Sunglasses | $3.00 | $25 | $2.29 | $23 |
If real GDP in 2015 is 35,785 and nominal GDP in 2015 is 37,168, what is the GDP deflator in 2015? Please round your answer to 2 decimal places.
The total number of unemployed individuals in an economy is equal to 726. The total number of employed is 11,225, and the working-age population is 20,755. What is the unemployment rate in this economy? Please round to the nearest two decimal places and do not include the percentage sign (%). For example, if your answer is 27.561% you would only enter 27.56.
The unemployment rate in an economy is equal to 5.89. The number of unemployed is equal 501 and the working-age population is equal to 20,144. What is the number of employed in this economy? Please round to the nearest whole number.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started