1012 - 2008-03 - CH 05_ANS - University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor Michael G Lanyi Lab 5

1012 - 2008-03 - CH 05_ANS - University of Lethbridge...

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Page 1 University of Lethbridge - Department of Economics ECON 1012 - Introduction to Macroeconomics Instructor Michael G. Lanyi Lab # 5 Chapter 5 Economic Growth, Business Cycles, Unemployment, and Inflation Answer Key 1. C Response:The four central macroeconomic problems are growth, business cycles, unemployment, and inflation. 2. D Response:See the definition of real gross domestic product in the text. 3. B Response:See the definition of per capita real output in the text. 4. C Response:To compute per capita real GDP, divide a country's real GDP ($440 billion) by its population (100 million). 5. B Response:See the definition of a business cycle in the text. 6. A Response:See figure 5-2 in the text. 7. A Response:See figure 5-2 in the text. 8. B Response:See figure 5-2 in the text. 9. B Response:Structural unemployment is unemployment caused by economic restructuring making some skills obsolete. 10. B Response:Cyclical unemployment is unemployment resulting from fluctuations in economic activity. The drop in demand for cars is most likely the result of a fall in aggregate income.
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Page 2 11. D Response:See the definition of the target or natural rate of unemployment in the text. 12. B Response:To compute the unemployment rate, you must divide the number of unemployed persons by the number of persons in the labour force.
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