The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the fir the table. Real GOP ($billions) Unemployment rate GOP Gap (billions) $ 2018 $650 7.5% 5.32 2019 $625 6.8% $-0.018 C 2020 $775 6.0% $-0.010 O

The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the fir the table. Real GOP ($billions) Unemployment rate GOP Gap (billions) $ 2018 $650 7.5% 5.32 2019 $625 6.8% $-0.018 C 2020 $775 6.0% $-0.010 O

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter10: Unemployment

Section: Chapter Questions

Problem 3QR

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Similar questions

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Real Income Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $44,200 from his initial salary of $40,000. What was Joshua's raise stated as a percentage? Inflation averaged 2.4 percent for the year. Round your answer to one decimal place. What was his real income after the raise? Round your answer to nearest cent. What was his real raise stated as a percentage? Round your answer to one decimal place. %
pads/Assignment_Chapter%204%20(4).pdf F3 E D Q Search DII F4 $ R F 1 2 / 3 | - The average nominal incomes earned in Eturia and the CPI are shown in the table below. 2018 $26,700 105 Nominal income CPI (2002= 100) FS to the nearest dollar. Calculate real income for each year. Enter your responses in the table above. Round your answers rounded to one decimal place, in the table above. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses V 4. decimal place. The information in the table below is for the economy of Mensk. Round your responses below to one 100% + | Working-age population Number of people in full-time employment Number of people in part-time employment Number of people unemployed Number of discouraged workers % 5 € a.What is the unemployment rate? b. What is the participation rate? 5. The table below shows national data for the economy of Westfall. Round your intermediate 9 @ T F6 6 B DELL Y H 8 & 7 F8 U N * 00 8 J F9 prt sc 2019…
a) Following data from the labour department of Country X is provided In Millions Total Civilian Population 340 Employed Workers 123 People not looking for work 48 People incapable of work 23 Using the table above, calculate the unemployment rate. b) Based on the information given in the table below, calculate the value of Net Domestic Product (NDP) of Country X. ITEM $(millions) Household Consumption 2,780 Depreciation of capital goods 365 Factor income received from abroad 580 Government investment 824 Exports 663 Imports 790 Factor income paid to abroad 525 Gross private domestic investment 894 Government Consumption 347 Transfer Payments 1,109 c) What is the difference between 'flow' and 'stock'? d) Explain three shortcomings of using GDP to measure the size of the economy.
Now you see what the BLS economist do, except with a more complex basket of goods. Now try to construct an index and determine the inflation rate on your own. The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? (5 points) Items Qty. 2001 2002 2003 2004 Price Amount Spent Price Amount Spent Price Amount Spent Price Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 1.9 2.05 2.13 $2.13 Total Construct the price index for a “fruit basket” in each year using 2003 as the base year. (5 points) Compute the inflation rate…
The following table shows the average nominal interest rates on six-month Treasury bills between 1997 and 2001, which determined the nominal interest rate that the U.S. government paid when it issued debt in those years. The table also shows the inflation rate for the years 1997 to 2001. (All rates are rounded to the nearest tenth of a percent.) Nominal Interest Rate Inflation Fte Year (Percent) (Percent) 1997 5,2 2.3 1998 4.8 1.5 1999 4.8 2.2 2000 5.9 3.4 2001 3.4 2.8 Source: "FRED Economic Data," Federal Reserve Bank of St. Louis, last modified September 23, 2019, accessed September 24, 2019, https://fred.stlouisfed.org. On the following graph, use the orange points (square symbol) to plot the nominal interest rates for the years 1997 to 2001. Next, use the green points (triangle symbol) to plot the real interest rates for those years.