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ECO10004: Economic Principles- GDP, Economic Growth, Unemployment & Inflation- Business Cycle- Economics Assignment Help
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2. Assume that steel is used as an input in the production of cars. Using that information, calculate the GDP for the year 2016? Explain your answer in words and show all calculations. For each of the following, indicate if the person would be classified as employed, unemployed, or not in the labour force and why:
3. A 45-year-old person who has been made redundant in their current position, is looking for work and is able to start immediately, but does not have the skills required by industry and needs retraining,
4. a person who is working for 10 hours a week paid work in a supermarket while studying full time. The person is looking for full time work but cannot start until they finish their study in 3 months time.
5. Define and calculate the unemployment rate (show working). What is the labour force participation rate?
6. Suppose an economy has only three goods, and the typical family purchases the amounts given in the following table. If 2005 is the base year, then, what is the CPI for 2015? Show all working out and explain your answer.
Task 7: Business Cycle and Aggregate Demand & Supply
1. Explain the three reasons the aggregate demand curve slopes downward.
Explain how each of the following events in questions 2, 3 would affect the aggregate demand curve.
2. Consumers become more pessimistic about the future economic growth as unemployment rises.
3. Domestic prices increase, which decreases exports. No graph required.
Economics Assignment Help:
Task: Task 6: GDP, economic growth, unemployment and inflation 1. What is the gross domestic product of a country? What is meant by 'intermediate goods' and are they included in the measure of GDP? Give an example of a good that could be an intermediate good or a final good depending on the situation. Explain your answers. Suppose that the following table represents the goods and services produced in a very simple closed economy in 2016. Using the information in the table below to answer question 2.
2. Assume that steel is used as an input in the production of cars. Using that information, calculate the GDP for the year 2016? Explain your answer in words and show all calculations. For each of the following, indicate if the person would be classified as employed, unemployed, or not in the labour force and why:
3. A 45-year-old person who has been made redundant in their current position, is looking for work and is able to start immediately, but does not have the skills required by industry and needs retraining,
4. a person who is working for 10 hours a week paid work in a supermarket while studying full time. The person is looking for full time work but cannot start until they finish their study in 3 months time.
5. Define and calculate the unemployment rate (show working). What is the labour force participation rate?
6. Suppose an economy has only three goods, and the typical family purchases the amounts given in the following table. If 2005 is the base year, then, what is the CPI for 2015? Show all working out and explain your answer.
Task 7: Business Cycle and Aggregate Demand & Supply
1. Explain the three reasons the aggregate demand curve slopes downward.
Explain how each of the following events in questions 2, 3 would affect the aggregate demand curve.
2. Consumers become more pessimistic about the future economic growth as unemployment rises.
3. Domestic prices increase, which decreases exports. No graph required.