Question 1: Calculate the missing values in the table of data collected in the labour force survey (Values are rounded u
Posted: Mon May 02, 2022 7:55 am
Question 1:
Calculate the missing values in the table of data collected in
the labour force survey (Values are rounded up to the nearest
thousands) Show your workings.
Question 2:
Why are policy makers concerned about rising unemployment
rates.
Question 3:
True or false; if false, explain why:
1. Nominal GDP is GDP measured in current prices and can be
smaller than real GDP.
2. Potential GDP is always greater than real GDP in an
economy.
3. Government spending on transfer payments is included in
government purchases when calculating GDP, because it results in
the production of new goods and services.
4. If Anton sells his 1996 Honda Civid for $3500 in 2013, the
sale of his car contributes $3500 to GDP in 2013.
5. If an increase in crime causes people to spend money on
police and security systems, GDP will rise.
Calculate the missing values in the table of data collected in
the labour force survey (Values are rounded up to the nearest
thousands) Show your workings.
Question 2:
Why are policy makers concerned about rising unemployment
rates.
Question 3:
True or false; if false, explain why:
1. Nominal GDP is GDP measured in current prices and can be
smaller than real GDP.
2. Potential GDP is always greater than real GDP in an
economy.
3. Government spending on transfer payments is included in
government purchases when calculating GDP, because it results in
the production of new goods and services.
4. If Anton sells his 1996 Honda Civid for $3500 in 2013, the
sale of his car contributes $3500 to GDP in 2013.
5. If an increase in crime causes people to spend money on
police and security systems, GDP will rise.