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Exam 1- agec 217- DeBoer/Questions and Answers
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Exam 1- agec 217- DeBoer/Questions and Answers
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Exam 1- agec 217- DeBoer/Questionsand Answers
To Calculate the real GDP growth rate, - -first divide the GDP deflator by
100, then divide nominal GDP by the result to get real GDP then take the
percentage change in real GDP from one year to the next
- a farmers corn is sold to make corn sweetener, which is sold to make soft
drinks. in the Gross Domestic Product accounts - -only the value of the soft
drinks are counted directly because they are "final" goods.
- The headline unemployment rate usually reported by the media is
measured as - -The number of unemployed people defined as those
searching for work as a percentage of the labor force
- Frictional unemployment occurs when - -It takes time for workers to
search for available jobs and for employers do you search for available
workers
- In 2016 nominal GDP was 18,541 billion and the GDP deflator was 111.4.
Real GDP was - -16,649
- According to our spreadsheet calculations in the 56 years from 1961 to
2016 - -There were nine years every session and 47 years of expansion
- In the spreadsheet assignment we calculated the inflation rate for 2016 as
- -1.2%
- In 1980 the minimum wage was three. $10 an hour because consumer
price index was 82.4 in 1980 and 239.9 in 2016. To match is purchasing
power in 1980 the minimum wage in 2016 would have to be closest to - -
9.03
- Suppose less skilled workers are in the minimum wage I'm in minimum
wage increases by 50% from 7.25 to 10.89. If the last history of demand for
less skilled workers is -.1 - -Employment of less skilled workers will fall by
5%
- Pizza restaurant near Purdue offer free drinks with each pizza order 96% of
pretty soon think pizza and drinks are complementary goods which of the
above diagrams describes what could happen in the market for pizza - -
Supply will remain the same demand will increase, thus prices increasing
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