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Transcript
Category
Working age population
Labor force
Employment
Number (millions)
100.0
80.0
62.0
4. The Bureau of Labor Statistics reported the data in the table above for October 2003.
a. Calculate the number of people unemployed.
b. Calculate the number of people who are not in the labor force.
a. Calculate the unemployment rate.
b. Calculate the labor force participation rate.
1. An economy produces only potatoes, and oranges. The table gives the quantities produced and
prices in 2009, and 2010. The base year is 2009.
2009
2010
2011
Quantity
Price$ Quantity
Price+ Quantity
Price+
Potatoes (kg)
200
7
250
8
259
7.75
Oranges (kg)
80
6
157
5
140
7
a. What is real GDP in 2009, 2010, 2011 in terms of the base-year prices?
b. What is the growth rate (percentage change increase) of real GDP in 2010 and 2011?