Question Details

ECON 545
Q.6
Question 6. 6. (TCO F)    

(a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. Between 1999 and 2001, the real GDP rose by what percent?  


(b.) Use the following scenario to answer questions (b1) and (b2).
In a given year in the United States, the total number of residents is 270 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 10 million.
b1.)   (5 points) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?   
b2.)   (5 points) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year?    (Points : 30)