Gm545 Quiz 2

Grading Summary / Quiz 2 PLEASE displace in ANSWERS IN YOUR OWN WORDS!!!!!!!!!!!!!!!!!!!!!!!!| | Grade Details - wholly hesitations | 1.| Question :| (TCO F) The size of the campaign twitch in a familiarity is 800, and 720 of these folks argon gainfully employed. In this companionship, 200 plurality over the be on of 16 do non put one across a job and atomic number 18 not looking for work. In addition, hundred people in the community are at a lower place the age of 16. The unemployment account is ______.| | | Correct answer| The unemployment run is cypher by dividing the number of unemployed by the labor force. The labor force is calculated by subtracting three things from the population (# under 16, # of transfer adults, and # not looking for work). In this example, you are attached the size of the labor force (800), and you are to a fault told that 720 are employed. Therefore, 80 are unemployed, and the unemployment rate is simply 80/800 or 10%.| | | | | 2.| Question :| (TCO F) Suppose nominal egregious domestic result in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general cost mogul in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real gross domestic product rose wine by what pct?| | | Correct answer:| You need to range use of the swelling formula for the gross domestic product deflator here and equality results betwixt the dickens years.

For 2005: 100 = [$15 T / legitimate GDP] x 100 So, square GDP essential equal $15 T. You could also recognize that really GDP and nominal GDP are the s ame in the base year.For 2006: 103 = [$16 T! / objective GDP] x 100 1.03 = [$16 T / Real GDP] Real GDP = $16 T / 1.03 So, Real GDP must equal $15.534 T.The percentage increase in Real GDP will then be [(15.534 - 15) / 15] x 100 = (0.534 / 15) x 100 = 3.56% Therefore Real GDP increases by 3.56% surrounded by 2005 and 2006.| | | | | 3.| Question :| (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about ______.| | | Correct answer...If you want to hail a full essay, order it on our website: BestEssayCheap.com

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