STEP-BY-STEP PRACTICE PROBLEMS Problem 3.1 Imagine the fictional country of Zarcania with a population of 5 million people. In 2021, the following happened: Businesses built $15 billion worth of new factories. The government increased social security payments by $1 billion. e Zarcania exported $4 billion worth of goods. e Consumer spending increased by $20 billion. e The government spent $8 billion on new roads. e Zarcania imported $5 billion worth of goods. Match the activity in Zarcania from 2021 with the component of GDP it effects. Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE Consumer spending New factories New roads Exported goods sold Imported goods bought Social Security payments Notincluded in GDP Consumption Government spending Government spending Net exports Investment Investment Consumption Not included in GDP Which formula correctly illustrates how to find GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a GDP = C+|+ G + (EX - IM) b GDP = C+I+ G + EX C GDP = C + EX + G d GDP = G - CReferring to the preceding questions, what is the GDP of Zarcania for 2021? The GDP is $ billion. Type your numeric answer and submitThe GDP per capita of Zaracania is $. Type your numeric answer and submitProblem 3.2 Consider Zarcania's 5 million residents. Of these 5 million people, in 2021: . 3 million are working full-time. . 300,000 are working part-time. . 600,000 are under the age of 16. . 400,000 are retired. . 500,000 are unemployed and actively looking for work. . The remainder are not working and not looking for work (i.e., full-time students or stay-at-home parents). What effect will Zarcania's unemployment rate have on its GDP?What is the size of the labor force in Zarcania? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 5 million b 4.8 million C 4.3 million d 4 million e 3.8 million f 3.3 million g 3 million What is the unemployment rate in Zarcania for 20217 Round your answer to the nearest percent. The unemployment rate is %. Type your numeric answer and submit e 1 2019 % 2020 1% 2021 Zarcania's Unemployment Rate by Year Problem 3.2.3 Using the data in the table, plot the unemployment rates for the country over the past few years. Rate (%) Using the data in the table, plot the unemployment rates for the country over the past few years. 1a Unemployment Rates - N W AeE 00 N 0 o Unemployment Rate 8 Problem 3.2.3 Plot unemployment rates. The recent trend in the unemployment rates might indicate which of the following? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Zarcaniaisin a period of growth. b Zarcaniaisin a period of inflation. Zarcaniais in a period of recession. Which of the following might be the reason for the trend in Zarcania's unemployment rates? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a More people are going back to school. b Zarcania's population is aging and people are retiring at higher rates. Real GDPis growing more slowly than the labor force. d The population is growing faster than real GDP. Fill in the Blanks Type your answers in all of the blanks and submit Xz X 2 During this period of rising unemployment, Zarcania's actual production is located Write your response here... (outside/within/along) their PPF curve. This likely indicates a(n) Write your response here... (increase/decrease) in growth of GDP.Put the following events in chronological order following an initial rise in unemployment. Begin with the initial rise in unemployment. Drag and drop options into correct order and submit. For keyboard navigation... SHOW MORE v Unemployment rate rises. GDP goes down. People make fewer purchases. National consumption goes down. Average personal income is lower across Zaracania