In: Economics
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.