Question

In: Economics

Which of these trends is common during an economic recovery? Check all that apply. a. There...

Which of these trends is common during an economic recovery? Check all that apply.

a. There is a sharp decrease in production

b. Business confidence is high creating a lot of investment

c. There is usually a high demand-pulled inflation

d. There is limited growth in production

Suppose that in Workolia: Population = 160 million, the Employment to Population Ratio is 70%, the Number of Unemployed = 6m and the Natural Rate of Unemployment = 5%, and 40 million are ineligible to work. What is the Labor Force Participation Rate in Workolia?

a. 75%

b. 72%

c. 67%

d. 65%

Suppose that in 2018 the nominal GDP in Imagineland was $425 billion and the GDP deflator was 1.25. In 2019, nominal GDP = $448 billion, and the GDP deflator was 1.28. What was the percent change in real GDP between 2018 and 2019?

a. 2.28%

b. 2.94%

c. 4.27%

d. 5.55%

Which of the following are automatic stabilizers. Check all the ones that apply.

a. Food stamps for poor families

b. The state government allocating more money for road construction

c. The government lowering taxes during an expansion to create more economic growth

Solutions

Expert Solution

Question 1.

Trends suring economic recovery

b. Business confidence is high creating a lot of investment. c. There is usually a high demand-pulled inflation . If aggregate demand rises quickly compared to aggregate supply then high inflation is possible. But it is not universal phenomenon. Recovery usually bring moderate level of inflation.

d. There is limited growth in production. Initially during recession growth in production is limited . If the recovery continues then production gradually picks up.

Question 2:

Labour Force Participation Rate= (employed+ unemployed)/population eligible to work

Eligible population=160-40 =120 million.

Employed =120×70%=84 million

Unemployed= 6 million

Labour force participation rate=

Question 3.

2018

1.25=425×100/ Real GDP

Real GDP= 42500/1.25=34000

2019

1.28=448×100/REAL GDP

Real GDP=44800/1.28=35000

Percentage change in real GDP is

Question 4.

Automatic stabilizer

1. Food Stamps for poor family

2.the state government allocating more money for road construction.

Rahul Sunny answered 1 year ago

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