Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ped ook The table below shows national data for the economy of Westfall. Round your intermediate calculations to one decimal place. Enter your responses rounded
ped ook The table below shows national data for the economy of Westfall. Round your intermediate calculations to one decimal place. Enter your responses rounded to one decimal place with the exception of Real GDP per capita that can be entered as a whole number a. Fill in the blanks in the table below. Nominal GDP (in billions) GDP deflator (2010 - 100) Real GDP (in billions) Population (in millions) Real GDP per capita. b. The inflation rate in 2019 is 2018 2019 2020 $775 $872 $ 112 121 $ $734 $ 35 37 $ $20,266 $21,078 % c. The growth rate of real GDP per capita in the year 2020 is | % The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the final row of the table. Real GDP ($billions) Unemployment rate GOP Gap (billions) 2018 $650 2019 $660 2020 $800 8.5% 7.0% 8.en $ $ $ 9 Suppose that the labour force is currently 6.5 million and the unemployment rate is 9% On August 1, government announces that it will create 65,000 new jobs to be filled over the next three months. Only people who were unemployed on August 1 will be hired. As a result, 130,000 people immediately apply for the jobs; half of these people had previously not been actively seeking work a. Has the labour force changed as a result of this announcement? Yes, the labour force has changed as a result of this announcement. O No, the labour force has not changed as a result of this announcement. Book ences b. The unemployment rate after the announcement but before the jobs are filled will be one decimal place. c. Once all the jobs are filled, the unemployment rate will be % Enter your responses rounded to
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