35. 36. 37. 34. 38. 39. -5- If the economy grows at 10 percent from year...

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35. 36. 37. 34. 38. 39. -5- If the economy grows at 10 percent from year 1 to year 2 and real GDP is 200 in year 1, what will real GDP be in year 2? A) 200 B) 210 C) 220 D) 10 Suppose that nominal GDP in year 1 is 200 and nominal GDP in year 2 is 242. Assume that inflation is ten percent per year. How fast did the economy grow between these two years? A) 21 percent B) 10 percent C) 12 percent D) 42 percent Economists define the labor force to include: A) only people who are working full-time. B) people who are working. C) people who are not working but are actively looking for a job, and people who are working. D) all individuals of work age, regardless of whether they are working or looking for a job. The unemployment rate is the number of unemployed people: A) divided by the number of people who are working. B) divided by the total working-age population. C) divided by the sum of the number of people who are working and the number of people who are looking for work. D) and the number of people working fewer than their desired number of hours, divided by the number of people who are working or looking for work. Economists define the unemployed as individuals who are: A) not currently working. B) not currently working but are actively looking for work. C) working but looking for a different job. D) working less than their desired amount of time. If Sam does not have a job and is not currently looking for work but has looked in the past, he is considered: A) unemployed and in the labor force. B) unemployed and not in the labor force. C) not in the labor force. D) unemployed. 35. 36. 37. 34. 38. 39. -5- If the economy grows at 10 percent from year 1 to year 2 and real GDP is 200 in year 1, what will real GDP be in year 2? A) 200 B) 210 C) 220 D) 10 Suppose that nominal GDP in year 1 is 200 and nominal GDP in year 2 is 242. Assume that inflation is ten percent per year. How fast did the economy grow between these two years? A) 21 percent B) 10 percent C) 12 percent D) 42 percent Economists define the labor force to include: A) only people who are working full-time. B) people who are working. C) people who are not working but are actively looking for a job, and people who are working. D) all individuals of work age, regardless of whether they are working or looking for a job. The unemployment rate is the number of unemployed people: A) divided by the number of people who are working. B) divided by the total working-age population. C) divided by the sum of the number of people who are working and the number of people who are looking for work. D) and the number of people working fewer than their desired number of hours, divided by the number of people who are working or looking for work. Economists define the unemployed as individuals who are: A) not currently working. B) not currently working but are actively looking for work. C) working but looking for a different job. D) working less than their desired amount of time. If Sam does not have a job and is not currently looking for work but has looked in the past, he is considered: A) unemployed and in the labor force. B) unemployed and not in the labor force. C) not in the labor force. D) unemployed.

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The detailed answer for the above question is provided below 34 C 220 Explanation Real GDP in year 2 ... View the full answer