Question

19. Suppose an island economy's real GDP is $10,000 in 2008 and 512,000 in 2018. The population is 100 people in 2008 and 110 people in 2018. Show work a. What is the growth rate of real GDP? b. What is the growth rate of real GDP per capita? 20. How many years would it take for real GDP to double if its growth rate is 2962 21. The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as a) technology b) labor productivity. c) real GDP. d) human capital. 22. Which of the following is an example of human capital? a) a computer b) a factory building c) a college education d) a software program 23. Use the following information about an economy. Show work. Working age population 160 million Labor force 100 million Employed 91 million a. Find the unemployment rate b. Find labor force participation rate 24. Frictional unemployment is the result of a) business cycles in economic activity b) irresponsible workers with poor work habits c) technological change or foreign competition d) normal labor market turnover 25. The official measure of unemployment may underestimate actual unemployment because a. people may lie when reporting they are looking for jobs b. it treats involuntary part-time workers as "employed" and discouraged workers as "not in the labor force c. some individuals who should be receiving unemployment benefits do not receive them d. individuals who are unable to work are not included 26. Current official unemployment rate in the US is around a. 1-39 b. 3-5% c. 6-796 d. 8-9% c. 10-12% 27. When additions of labor to a fixed quantity of capital lead to progressively smaller increases in output, it's called a) diminishing returns. b) negative returns. c) accelerating returns. d) decreasing production 28. Which of the following is a definition for inflation? a. an increase in the value of the dollar over time b. high overall price level c. an increase in the overall price level d. an increase in the price of any good or service 29. The prices of which of the followine woods would be included in the Consumer Price Index? a lighter planes b. tennis shoes Iron ore d firefighters' services . IBM stock

Answer 1

Question 19

(a)

Real GDP in 2008 = $10,000

Real GDP in 2018 = $12,000

Calculate the growth rate of real GDP -

Growth rate = [(Real GDP in 2018 - Real GDP in 2008)/Real GDP in 2008] * 100

Growth rate = [($12,000 - $10,000)/$10,000] * 100

Growth rate = 20%

Thus,

The growth rate of real GDP is 20%.

(b)

Real GDP in 2008 = $10,000

Population in 2008 = 100

Real GDP per capita in 2008 = Real GDP in 2008/Population in 2008

Real GDP per capita in 2008 = $10,000/100 = $100

The real GDP per capita in 2008 was $100.

Real GDP in 2018 = $12,000

Population in 2018 = 110

Real GDP per capita in 2018 = Real GDP in 2018/Population in 2018

Real GDP per capita in 2018 = $12,000/110 = $109.09

The real GDP per capita in 2018 was $109.09.

Calculate the growth rate of real GDP per capita -

Growth rate = [(Real GDP per capita in 2018 - Real GDP per capita in 2008)/Real GDP per capita in 2008] * 100

Growth rate = [($109.09 - $100)/$100] * 100 = 9.09%

Thus,

The growth rate of real GDP per capita is 9.09%

Note -: As HOMEWORKLIB Answering Policy, in case of multiple questions being posted, 1st question is being answered with elaborate explanation.