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Subject Code : ECO10004

Economics Assessment Task

1. Suppose 1 800 000 people are employed, 40 000 people are unemployed, and an additional 250 000 people are not in the labour force but are of working age. What is the formula for the unemployment rate? Calculate the unemployment rate and briefly explain how you did this. What is the formula for the labour force participation rate? Calculate the labour force participation rate and briefly explain how you did this. 

The following table sets out simulated (not actual) data for the CPI index for each quarter from March 2009 to March 2018. Use this information to answer questions 2, 3 and 4 below.

 

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2. Calculate the year-end (or annual) inflation rate for the March 2016 quarter to two decimal places. Show all workings including the formula used.

3. Using excel calculate the year-end inflation rate for each quarter for the period March 2010 to March 2018. Paste your spreadsheet with the answers into the assignment.

4. Using Excel, prepare a graph of the year-end inflation rate for each quarter for the period March 2010 to March 2018. Paste your graph into the assignment. Make sure you carefully label your graph including an appropriate title, axis labels and legend Graph only

5. Explain why inflation make nominal GDP a poor measure of the increase in total production from one year to the next? 

Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities produced and their corresponding prices for 2015 and 2019 are as shown in the table. Use the information in the table to compute nominal GDP in the year 2019.

Calculate real GDP in 2019 assuming the base year is 2015. Compare and explain the two results.

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  • Uploaded By : Keith
  • Posted on : December 11th, 2018

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