# 1. Staple all pages of the homework together. (1 point) 2. Here are some data for an economy. Find its GDP….

1. Staple all pages of the homework together. (1 point)
2. Here are some data for an economy. Find its GDP. Explain your calculation.
Consumption Expenditure 600
Exports 75
Government Purchases of Goods and Services 200
Construction on new homes and apartments 100
Sales of existing homes and apaprtments 200
Imports 50
Beginning of the year Inventory Stocks 100
End of year inventory stocks 125
Government Payments to Retirees 100
Househould purchases of durable goods 150
3. The nation of Saskatoom produces hockey pucks, cases of root beer, and false
teeth. Here are the data on prices and quantities of the three goods in the years
2000 and 2005.
Year Quantity Price Quantity Price Quantity Price
2000 100 \$5 300 \$20 100 \$20
2005 125 \$7 250 \$20 110 \$25
Pucks Root Beer False Teeth
Assume that 2000 is the base year. Find the nominal GDP and real GDP for both
years.
connection is slow and so far this is all she has been able to get:
Unemployment Rate 5.00%
Labor Force Participation Rate 62.50%
Not in the labor force 60,000,000
Find the labor force, the working-age population, the number of employed
workers, and the number of unemployed workers.
2
5. Read both articles posted for discussion in Week 7 and answer the following
questions. What is the natural rate of unemployment (number and definition)?
What is the relationship between the natural rate of unemployment and full
employment? Would it be better for economists to define full employment as
being an unemployment rate equal to zero?
6. What was the growth rate in real GDP for the United States in 2011? On the
Bureau of Economic Analysis (BEA) web-page find the growth in real GDP in
2011 for the state you plan on starting your career in once you have earned your
degree. Print the page and attach this homework. Compare the US growth rate of
real GDP to your states’ growth rate of real GDP. Provide a discussion of the
possible reasons for the difference. Be sure to talk about the component parts of
GDP.
7. What was the unemployment rate in the US the month of June 2012? On the
Bureau of Labor Statistics (BLS) web-page find the unemployment rate in June
2012 for the state you plan on starting your career in once you have earned your
degree. Print the page and attach this homework. According to the BLS what was
the unemployment rate for the Dallas-Fort Worth-Arlington in the month of June
2012. How does this compare to the national and state averages?