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TEST 1C OCT 07 ANSWERS

TEST 1C OCT 07 ANSWERS - MIDTERM EXAM 1 OCTOBER 2007 ECON...

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MIDTERM EXAM 1: OCTOBER, 2007 ECON 0110: MACROECONOMICS 1 PM CLASS DR. KENKEL THIS IS TEST 1C WITH ANSWERS 20 questions worth 12.5 points each. Total Points = 250 1. Assume the following data apply to a certain country: Year Consumer Nominal Price GDP Index (Trillions) 2003 118.9 10.1 2004 154.6 13.2 2005 180.5 15.5 During 2005, real GDP equals a. Less than 8.0 trillion *b. 8.0 to less than 8.7 trillion c. 8.7 to less than 9.9 trillion d. 9.9 to less than 11.8 trillion e. none of the above ANSWER: 100 X (15.5/180.5) = 8.59 2. Assume the following data apply to a certain country: Population 410.0 million Employed 163.6 million Unemployed 6.4 million Not in Labor Force 106.0 million The unemployment rate is 3. In the previous question, the labor force participation rate is: 4. If the real rate of interest is 4.32% and the inflation rate is 2.12%, the nominal rate of interest will be
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