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Chris M., M.S.W. Social Work
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# Assume the following data for a country: total population,

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Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force? What is the official unemployment rate?
3. Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is \$500 billion in that year, how much output is being forgone because of cyclical unemployment?
4. If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation? What term do economists use to describe this second outcome?
6. If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase? If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation?
Submitted: 2 years ago.
Category: Homework
Expert:  Chris M. replied 2 years ago.

Hello, and thanks for your question.

2. Labor force = 500 - (120 + 150) = 230

Official unemployment rate (unemployed / labor force) = (23 / 230) = 10%

3. GDP gap = (9% - 5%) x 2 = 8%

Forgone output estimated at (8% of \$500 billion) = \$40 billion

4. (a) This year's rate of inflation = (121 - 110) / 110 = 10%

(b) This year's rate of inflation = (108 - 110) / 110 = -1.82%

(c) A negative rate of inflation is referred to as "deflation"

6. (a) Real income % increase (approx.) = (5.3% - 3.8%) = 1.5%

(b) Rate of inflation (approx.) = (2.8% - 1.1%) = 1.7%

Hope this helps!

Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2542
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
Chris M. and 6 other Homework Specialists are ready to help you
Customer: replied 2 years ago.
thanks chris..... looks good..... I am very satisfied....
Expert:  Chris M. replied 2 years ago.
Thanks for the reply. Glad to assist you!
Customer: replied 2 years ago.
I have more questions fo you would you like to answer them..... If so, please forward me to the page where I may ask them.
Expert:  Chris M. replied 2 years ago.

You can ask the questions at http://www.justanswer.com/homework/expert-chrism/.

Customer: replied 2 years ago.

advanced analysis Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30 and Xn = 10. Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig+ Xn

a. Calculate the equilibrium level of income or real GDP for this economy.

b. What happens to equilibrium Y if Ig changes to 10? What does this outcome reveal about the size of the multiplier?

Expert:  Chris M. replied 2 years ago.
THIS ANSWER IS LOCKED!

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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2542
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
Chris M. and 6 other Homework Specialists are ready to help you
Customer: replied 2 years ago.
Thanks chris.... I have two more questions for you after this. Is that ok... Yes, I do accept your answer.
Expert:  Chris M. replied 2 years ago.
Yes, post the other two questions.
Customer: replied 2 years ago.

2. Answer the following questions on the basis of the three sets of data for the country of North Vaudeville:

a. Which set of data illustrates aggregate supply in the immediate short-run in North Vaudeville? The short run? The long run?

b. Assuming no change in hours of work, if real output per hour of work increases by 10 percent, what will be the new levels of real GDP in the right column of A? Does the new data reflect an increase in aggregate supply or does it indicate a decrease in aggregate supply?

3. Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as shown at the top left of the next page.

• (A) (B) (C)

Price level real GDP price level real GDP price level real GDP

110 275 100 200 110 225

100 250 100 225 100 225

95 225 100 250 95 225

90 200 100 275 90 225

Amt of realGDPdemand in Billions (Price Index) amt of GDP supplied Billions

\$100 300 \$450

200 250 400

300 200 300

400 150 200

500 100 100

a. Use the data above to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy? Is the equilibrium real output also necessarily the full-employment real output?

b. If the price level in this economy is 150, will quantity demanded equal, exceed, or fall short of quantity supplied? By what amount? If the price level is 250, will quantity demanded equal, exceed, or fall short of quantity supplied? By what amount?

c. Suppose that buyers desire to purchase \$200 billion of extra real output at each price level. Sketch in the new aggregate demand curve as AD1. What is the new equilibrium price level and level of real output?

Customer: replied 2 years ago.
This is the new question ....I made a corrections.....thanks
Expert:  Chris M. replied 2 years ago.

I'm sorry, but I won't be able to help with these questions; I'm not familiar with graphing the aggregate demand and aggregate supply curves. I would suggest that you make a new post of these, maybe one for #2 and one for #3. Good luck with these!

Customer: replied 2 years ago.
can you forward this question to an expert that is familar with this
Expert:  Chris M. replied 2 years ago.
Try reposting this question to the attention of one these experts: Business Tutor, Neo, or Muhammad Jawaad Ahmed.

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