5. Consider the following information for a particular economy. Total population 60 million Number of employed...

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5. Consider the following information for a particular economy. Total population 60 million Number of employed = 30 million Total labour force = 40 million Natural rate of unemployment = 12% 1. Find the total unemployment rate 2. Calculate the cyclical unemployment rate 6. Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010 Price of Automobiles $ 5000 $ 6000 Price of a loaf of bread $10 $20 Number of automobiles produced Number of loaves of bread produced 100 120 500,000 400,000 Using the year 2005 as a base year, a) Calculate the nominal and real GDP of 2010 b) Find the value of GDP Deflator for the year 2010 and interpret c) Calculate the inflation rate in 2010 5. Consider the following information for a particular economy. Total population 60 million Number of employed = 30 million Total labour force = 40 million Natural rate of unemployment = 12% 1. Find the total unemployment rate 2. Calculate the cyclical unemployment rate 6. Consider an economy that produces and consumes Bread and Automobile. Data for two different years 2005 and 2010 is given in the following table. Year 2005 2010 Price of Automobiles $ 5000 $ 6000 Price of a loaf of bread $10 $20 Number of automobiles produced Number of loaves of bread produced 100 120 500,000 400,000 Using the year 2005 as a base year, a) Calculate the nominal and real GDP of 2010 b) Find the value of GDP Deflator for the year 2010 and interpret c) Calculate the inflation rate in 2010

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Question 5 1 Total unemployment Total labour force number employed 40 million 30 ... View the full answer