MGEB11H3 Lecture Notes - Lecture 3: Mlan, Sonic Team, Sample Space
Get access
Related Documents
Related Questions
TABLE 1 : In 2013 | ||
Item | Quantity | Price |
Bananas | 100 | $10 a bunch |
Coconuts | 50 | $12 a bag |
TABLE 2: In 2014 | ||
Item | Quantity | Price |
Bananas | 110 | $15 a bunch |
Coconuts | 60 | $10 a bag |
An island economy produces only bananas and coconuts. Table 1 gives the quantity produced and prices in 2013 and Table 2 gives the same information for 2014.
1. Nominal GDP in 2013 is __________.
2. Nominal GDP in 2014 is __________.
3. Real GDP (in terms of 2013 prices) in 2013 is __________.
4. Real GDP (in terms of 2013 prices) in 2014 is __________.
5. The % increase in nominal GDP from 2013 to 2014 is __________.
6. The % increase in real GDP from 2013 to 2014 is ___________.
Use the following information about Employment Country to answer the following questions. Numbers are in millions.
2013 | 2014 | |
Population | 223.6 | 226.5 |
Adult population | 168.2 | 169.5 |
Number of unemploymed | 7.4 | 8.1 |
Number of employmed | 105.2 | 104.2 |
What is the labour force in 2013 and 2014?
What is the growth rate of labour force between 2013 and 2014?
What is the unemployment rate in 2013 and 2014?
From 2013 to 2014, the adult population went up while the labour force went down. Provide a number of explanations why this might have occurred.
If the natural rate of unemployment (equilibrium unemployment) in Employment Country is 6.6 percent, what is the maximum that cyclical unemployment could be in 2013 and 2014? Is Employment Country likely to be experiencing a recession in either of these years? (Hint: compare the equilibrium unemployment with the levels of unemployment you found in question 3. for 2013 and 2014)