ECON 203 Study Guide - Midterm Guide: Gdp Deflator, Unemployment, Aggregate Demand
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Circle the best answers (10 marks): under the aggregate expenditure approach, canada"s net export expenditure is around _____% of our gdp. Time limit: 75 minutes: 20, 40, none of the above (it is around 2%), assuming a nominal gdp of billion and a gdp deflator of 180, real gdp must be. billion: . 75 billion, none of the above (it is /180*100 = . 11 billion). In the years 2006 and 2007, the cyclical unemployment rates in canada had been around. 0% (actual unemployment rate around 7%, which is our natural rate. The 7% consists of structural, frictional and seasonal unemployment). Income tax collections automatically fall as gdp rises. If consumption (c) is ,000 when income is ,000, and the mps is 0. 2. An increase in y causes c to rise to ,000. ,500: ,500, ,500, none of the above. ,500 (,000=a+0. 8(,000), so the consumer confidence is 12,400.