Homework Help is Here – Start Your Trial Now!
Business
Economics
...... Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 × 100 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio:

...... Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 × 100 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio:

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 18RQ: What is deflation?
See similar textbooks
icon
Related questions
Question
and Graph R X G how to look for labor force - Goc X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.uhd.edu%252Fwebapps%252Fportal%252Ffra.. and Graph Refresher i 8 2 of 2 5 J eBook Print ♫ eferences www. Mc Graw Hill pe here to search Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form.. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 x 100 = Saved R 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio: % O Hi < Prev Help 18 of 26 *** Score answer > Market Brief Save & O C S Che
Transcribed Image Text:and Graph R X G how to look for labor force - Goc X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.uhd.edu%252Fwebapps%252Fportal%252Ffra.. and Graph Refresher i 8 2 of 2 5 J eBook Print ♫ eferences www. Mc Graw Hill pe here to search Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form.. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 x 100 = Saved R 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio: % O Hi < Prev Help 18 of 26 *** Score answer > Market Brief Save & O C S Che
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Unemployment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
SEE MORE TEXTBOOKS