ECO10004: Economic Principles- GDP, Economic Growth, Unemployment & Inflation- Economic Assignment Help

Internal Code: 1HCEA

Economic Assignment Help:

Task: 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. 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. 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.