ECON 351 Lecture 4: Econ 351 ClassNotes, Week 2, Lecture 2, Page 3
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22 Sep 2017
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Here are the stats of DEO Country | ||||||
Population: | 500 M | |||||
Unemployed | 20 M | |||||
Active Duty Military | 30 M | |||||
Early Retirees over 14.5 under 67 | 40 M | |||||
Jailed | 6 M | |||||
Mentally handicapped | 4 M | |||||
Under 14.5 years of Age | 140 M | |||||
Others who chose not to work | 25 M | |||||
12) Compute the Working-Age Population | ||||||
13) Compute the Labor-Force | ||||||
14) Compute the labor-participation rate | ||||||
15) Compute the unemployment rate | ||||||
Consumer Goods (CG) | Production Goods (PG) | |||||
Base Yr | P0= $50 | Q0= 1000 | P0=$100 | Q0=2500 | ||
Year 1 | P1= $52 | Q1= 1200 | P1=$98 | Q1=2300 | ||
16) Price level of the Base Year | ||||||
17) Real GDP of the Base Year | ||||||
18) Real GDP of Year 1 | ||||||
19) Price level of Year 1 | ||||||
20) Real Growth Rate between the 2 years |