EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 27, Problem 6RQ
To determine
The country's negative GDP using Okun's law.
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Suppose the existing labor force inside the country is 1,000,000 persons, of whom 900,000 are employed and 100,000 unemployed. Suddenly
100,000 overseas workers are thrown out of their jobs overseas and must return home. Of these, 95,000 become employed while 5,000 have
difficulty finding jobs and are unemployed. As a result of this development, the unemployment rate of the country__from____to___
O a. rises; 11 percent; 11.6 percent
O b. falls; 10 percent; 9.5 percent
O c.
rises; 10 percent; 11 percent
O d. falls; 11 percent; 10 percent
The previous year had an unemployment rate of 14.1%, nominal GDP of $28.9 trillion, and real
GDP of $26.1 trillion. If the unemployment rate changes to 18.6% and overall price levels remain
constant, which choice below could be the current year nominal GDP?
O $39.3 trillion
O $39.2 trillion
$39.1 trillion
O $28.0 trillion
Learning Outcomes Covered:
LO 2. Explain how the following key aggregate economic variables are defined and measured: the price level, national income, employment, unemployment, the labor force, the unemployment rate, the rate of inflation, the exchange rate.
LO3. Understand how national expenditure and national product are measured and how the equilibrium level of national income is achieved.
Graduate Attributes: Effective communication (1)
Scholastic rigor and practical competence (2)
Lifelong Learning (4)
Autonomy and Accountability (5)
Chapter 27 Solutions
EP ECONOMICS,AP EDITION-CONNECT ACCESS
Ch. 27 - Prob. 1DQCh. 27 - Prob. 2DQCh. 27 - Prob. 3DQCh. 27 - Prob. 4DQCh. 27 - Prob. 5DQCh. 27 - Prob. 6DQCh. 27 - Prob. 7DQCh. 27 - Prob. 8DQCh. 27 - Prob. 9DQCh. 27 - Prob. 10DQ
Ch. 27 - Prob. 11DQCh. 27 - Prob. 1RQCh. 27 - Prob. 2RQCh. 27 - Prob. 3RQCh. 27 - Prob. 4RQCh. 27 - Prob. 5RQCh. 27 - Prob. 6RQCh. 27 - Prob. 7RQCh. 27 - Prob. 8RQCh. 27 - Prob. 9RQCh. 27 - Prob. 10RQCh. 27 - Prob. 11RQCh. 27 - Prob. 1PCh. 27 - Prob. 2PCh. 27 - Prob. 3PCh. 27 - Prob. 4PCh. 27 - Prob. 5PCh. 27 - Prob. 6PCh. 27 - Prob. 7P
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