ECON 203 Lecture Notes - Lecture 4: Underemployment, Employment-To-Population Ratio

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viridianbuffalo543

3 Mar 2017

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We could use p2014 (, ) as reference or could use the p2015 (, ) to evaluate the gdp in both years. Or we could use another year as reference (ex: stats canada uses the p2012) This shows the changes in volume of production = economic growth rate. Use p2014 as reference (2014 is base year) and recalculate the gdp2015 in order to see (calculate) the changes in quantities produced (growth rate) In reality, economic growth rates range around 1% Another measure that describes the state of an economy: the unemployment rate able to work adults 15-64 willing to work not willing to work unemployed employed underemployed fully employed. Population not able to work seniors children not able to work for health reasons institutionalized. Overqualified workers for the jobs they are employed for. This is an example of waste of resources. Full-time students are not considered in the labour force. Labour force = # unemployed + # employed.

Related Questions

1. The economy produces 2 types of goods. Over the past 3 years, the Bureau of Economic Analysis (BEA) recorded:

2014 2015 2016

P Q P Q P Q

Good A 10 20 11 20 12 21

Good B 100 40 100 45 105 45

2. Compute Nominal GDP and the Nominal GDP growth rate in 2015 and

2016.

3. Compute Real GDP and the Real GDP growth rate in 2015 and 2016.

Use 2014 as the base year.

4. Compute the GDP deator and the growth in the deator in 2015 and

2016.

1. The economy produces 2 types of goods. Over the past 3 years, the Bureau of Economic Analysis (BEA) recorded:

2014 2015 2016

P Q P Q P Q

good a 10 20 11 20 12 21

good b 100 40 100 45 105 45

2. Compute Nominal GDP and the Nominal GDP growth rate in 2015 and 2016.

3. Compute Real GDP and the Real GDP growth rate in 2015 and 2016. Use 2014 as the base year.

4. Compute the GDP deflator and the growth in the deflator in 2015 and 2016.

The town of York produces three goods, Good A, Good B, and Good C. The following is information regarding York's production of these three goods and their prices over 3 years. Use 2015 as a base year (i.e., 2015 = 100).

Year 2014 Year 2015 Year 2016

Quantity of Good A: 3 4 5

Price of Good A: $10 $10 $11

Quantity of Good B: 10 10 10

Price of Good B: $2 $4 $6

Quantity of Good C: 2 4 6

Price of Good C: $5 $6 $7

GDP questions:

1) What is the total money value of Good A that's produced in 2015?

2) Calculate the nominal (or current dollar) GDP for 2014.

3) Calculate the real (or constant dollar) GDP for 2014.

4) Calculate the real (or constant dollar) GDP for 2015.

5) What is the real economic growth rate from 2014 to 2015?

6) What is the real GDP per capita for 2014, assuming the population equals 10 individuals?

7) Calculate the GDP deflator for 2014, 2015, and 2016.

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ECON 203 Lecture Notes - Lecture 4: Underemployment, Employment-To-Population Ratio

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