Midterm_Answer_Winter_2007.doc

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Sketchy solutions to term test, written on february 12, 2007. Please note that there were 2 different versions of the exam, with both questions and answers scrambled, so answer key varies between exams. The two versions were labeled version a and version b. Version a: e e c e b c f b i j h e c b d g e d h e f d f e b. Version b: f f d f c f c a j i g h d a e h d e g f d f e b f. Q1: current gdp is billion, population is 32 million, so gdp per person is billion/32 million = ,440,000/32 =,000. Q2: current u is about 6%, last major recession was in early 1990s. Q3-4: current u in atlantis is 1680/24,000 = 7%; 563 new jobs reduce number of unemployed to. 1617, increase labour force to 24,500, so u = 563/24,500 = 6. 6%

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