Question

In: Economics

1. Assume the growth rate of real GDP falls from 4% to 2%. This means that...

1. Assume the growth rate of real GDP falls from 4% to 2%. This means that

a. the economy is in a recession.

b. the level of production has fallen.

c. the price level is falling.

d. the level of production is growing more slowly.

2. Consider the following information about an economy:

Consumption $68,000

Personal saving $15,000

Taxes $30,000

Wages and salaries $72,000

Interest payments $12,000

Investment $18,000

Government spending $20,000

Government transfer payments $6,000

Imports $10,000

Exports $8,000

Rental payments $5,000

Profit $15,000

According to the information provided, what is the value of GDP. Enter a whole number with no dollar sign

3. There are 206 unemployed people, 2060 employed people, and the adult population is 3073.

What is the labor force participation rate? Enter a number (measured in percentage terms) rounded to two decimal places. Do not enter a % sign.

4. In 2001 the value of RGDP was $12,670.106 billion, the population was 285.324 million, and the number of people employed was 137,071 measured in thousands. The value of real GDP per capita was $_____ and employment as a percentage of population was ______%. Round to the nearest whole number.

Expert Solution

Rahul Sunny answered 2 years ago

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