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If the unemployment rate is 10%, while the number of employed individuals is 900, what is the labor force? A. 810 B. 900 C. 990 D. 1000

If the unemployment rate is 10%, while the number of employed individuals is 900, what is the labor force? A. 810 B. 900 C. 990 D. 1000

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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Question 1 If the unemployment rate is 10%, while the number of employed individuals is 900, what is the labor force? A. 810. B. 900 C. 990 D. 1000 Question 2 When an economy experiences INFLATION, which of the following measures of the GDP grows at a faster rate? A. Nominal GDP B. Real GDP C. None of the above, as both, Nominal and Real GDP measures expand at the same rate. Question 3 Consider the following ecnomy: Total Population = 1000 Total Adult Civilian (non-institutionalized) Population = 700 Number of people employed = 200 Number of people without jobs but looking for work = 80 What is the labor force participation rate in this economy? A. 28% B. 40% C. 70% D. None of the above Question 4 A Japanese firm manufactures cars in the US. Assume that each car sells for $20,000 to a consumer in the US. Also assume that from the sale of each car the Japanese manufacturer earns $2000 in profits and remits those to the holding company in Japan. Assume that the car is manufactured with US made parts only. What is the contribution of each car to the GDP of JAPAN? A. 20,000 B. 18,000 C. 2,000 D. Zero Question 5 If we assume that a 1 year CD account pays about 1% interest and inflation is expected to be about 3% over the course of next year, what will the expected real rate of return on the CD account be? A. Positive 2% B. Negative 2% C. Positive 1% D. Negative 4% E. None of the above
Transcribed Image Text:Question 1 If the unemployment rate is 10%, while the number of employed individuals is 900, what is the labor force? A. 810. B. 900 C. 990 D. 1000 Question 2 When an economy experiences INFLATION, which of the following measures of the GDP grows at a faster rate? A. Nominal GDP B. Real GDP C. None of the above, as both, Nominal and Real GDP measures expand at the same rate. Question 3 Consider the following ecnomy: Total Population = 1000 Total Adult Civilian (non-institutionalized) Population = 700 Number of people employed = 200 Number of people without jobs but looking for work = 80 What is the labor force participation rate in this economy? A. 28% B. 40% C. 70% D. None of the above Question 4 A Japanese firm manufactures cars in the US. Assume that each car sells for $20,000 to a consumer in the US. Also assume that from the sale of each car the Japanese manufacturer earns $2000 in profits and remits those to the holding company in Japan. Assume that the car is manufactured with US made parts only. What is the contribution of each car to the GDP of JAPAN? A. 20,000 B. 18,000 C. 2,000 D. Zero Question 5 If we assume that a 1 year CD account pays about 1% interest and inflation is expected to be about 3% over the course of next year, what will the expected real rate of return on the CD account be? A. Positive 2% B. Negative 2% C. Positive 1% D. Negative 4% E. None of the above
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