QUESTION 27 If nominal GDP in 2014 is $20,000 billion while real GDP is $16,500 billion,...

Question

Question

Answer 1

Answer #1

27) GDP Deflator =( Nominal GDP/ Real GDP)*100

= (20,000/16,500)*100 = 121.21

Therefore (B) 121.2 is the answer to this question

28) Labour Force actually consists of unemployed and employed and

Unemployment Rate = Number of Unemployed/ Labour Force

= 5/(180+5) = 0.027 or 2.7% and therefore

(B)2.7% is the answer to this question

Answer 2

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