1 staple all pages homework together 1 point 2 here are some data economy find its gdp

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1. Staple all pages of the homework together. (1 point) 2. Here are some data for an economy. Find its GDP. Explain your calculation. Consumption Expenditure 600 Exports 75 Government Purchases of Goods and Services 200 Construction on new homes and apartments 100 Sales of existing homes and apaprtments 200 Imports 50 Beginning of the year Inventory Stocks 100 End of year inventory stocks 125 Business Fixed Investment 100 Government Payments to Retirees 100 Househould purchases of durable goods 150 3. The nation of Saskatoom produces hockey pucks, cases of root beer, and false teeth. Here are the data on prices and quantities of the three goods in the years 2000 and 2005. Year Quantity Price Quantity Price Quantity Price 2000 100 $5 300 $20 100 $20 2005 125 $7 250 $20 110 $25 Pucks Root Beer False Teeth Assume that 2000 is the base year. Find the nominal GDP and real GDP for both years. 4. Joey is downloading labor market data for the most recent month, but her connection is slow and so far this is all she has been able to get: Unemployment Rate 5.00% Labor Force Participation Rate 62.50% Not in the labor force 60,000,000 Find the labor force, the working age population, the number of employed workers, and the number of unemployed workers. 2 5. Read both articles posted for discussion in Week 7 and answer the following questions. What is the natural rate of unemployment (number and definition)? What is the relationship between the natural rate of unemployment and full employment? Would it be better for economists to define full employment as being an unemployment rate equal to zero? 6. What was the growth rate in real GDP for the United States in 2011? On the Bureau of Economic Analysis (BEA) web page find the growth in real GDP in 2011 for the state you plan on starting your career in once you have earned your degree. Print the page and attach this homework. Compare the US growth rate of real GDP to your states’ growth rate of real GDP. Provide a discussion of the possible reasons for the difference. Be sure to talk about the component parts of GDP. 7. What was the unemployment rate in the US the month of June 2012? On the Bureau of Labor Statistics (BLS) web page find the unemployment rate in June 2012 for the state you plan on starting your career in once you have earned your degree. Print the page and attach this homework. According to the BLS what was the unemployment rate for the Dallas Fort Worth Arlington in the month of June 2012. How does this compare to the national and state averages?

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