ECON 121 - Short Writing Assignment #3

Year	Px	Py	Pz	Qx	Qy	Qz
2020	$4	$8	$2	60	70	80
2021	$3	$8	$5	65	74	90
2022	$5	$10	$7	70	78	100

Production and price data for a hypothetical economy is listed above.

Assume the base year is set to 2020.

1. What is real GDP in 2021?

1. What is this economy's real growth rate (the percent change in real GDP) from 2021 to 2022?

Assume the economy has 200 million people aged 16 and over. Assume that of this number, 150 million are employed and 20 million are not employed but actively seeking employment.

1. What is this economy's unemployment rate?

1. What is this economy's labor force participation rate?