{"id":182820,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/gdp-economic-growth-and-unemployment"},"modified":"2018-10-24T09:11:25","modified_gmt":"2018-10-24T09:11:25","slug":"gdp-economic-growth-and-unemployment","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/gdp-economic-growth-and-unemployment\/","title":{"rendered":"GDP, economic growth and unemployment"},"content":{"rendered":"
    \n
  1. What is the gross domestic product of a country? What is meant by \u2018intermediate goods\u2019<\/strong><\/li>\n<\/ol>\n

    and are they included in the measure of GDP? Suppose that the following table represents<\/strong><\/p>\n

    the goods and services produced in a very simple closed economy in 2016. Assume that<\/strong><\/p>\n

    steel is used as an input in the production of cars. Using that information, calculate the<\/strong><\/p>\n

    GDP for the year 2016?. <\/strong><\/p>\n

    Product Quantity Price<\/em><\/strong><\/p>\n

    Steel 1000 $100<\/p>\n

    iPods 5000 $300<\/p>\n

    Cars 500 $25 000<\/p>\n

    Legal Services 100 $2000<\/p>\n

     <\/p>\n

      \n
    1. Why does inflation make nominal GDP a poor measure of the increase in total production <\/strong><\/li>\n<\/ol>\n

      from one year to the next? When measuring real GDP, what does the term \u2018chain volume<\/strong><\/p>\n

      measures\u2019 refer to? Give reasons why measured GDP does not reflect total production in<\/strong><\/p>\n

      an economy. <\/strong><\/p>\n

       <\/p>\n

        \n
      1. What factors determine labour productivity? Outline the various actions the government <\/strong><\/li>\n<\/ol>\n

        sector should take to promote growth. <\/strong><\/p>\n

         <\/p>\n

          \n
        1. For each of the following, indicate if the person would be classified as employed, <\/strong><\/li>\n<\/ol>\n

          unemployed, or not in the labour force and why: (i) a 65-year-old man who left his job and<\/strong><\/p>\n

          is now working as a volunteer for 10 hours a week; (ii) a university graduate who has not<\/strong><\/p>\n

          been able to find a position using her skills and is working as a wait-person for 30 hours a<\/strong><\/p>\n

          week; and (iii) a manufacturing worker who is out of a job and has given up searching for a<\/strong><\/p>\n

          job. <\/strong><\/p>\n

           <\/p>\n

            \n
          1. Suppose 180 000 people are employed, 20 000 people are unemployed, and an additional <\/strong><\/li>\n<\/ol>\n

            50 000 people are not in the labour force but are of working age. Calculate the labour<\/strong><\/p>\n

            force participation rate. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

            What is the gross domestic product of a country? What is meant by \u2018intermediate goods\u2019 and are they included in the measure of GDP? Suppose that the following table represents the goods and services produced in a very simple closed Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-182820","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/182820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=182820"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/182820\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=182820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=182820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=182820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}