Assignment6 - Economics 1020 Webct Summer 2009 Assignment...

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Economics 1020 Webct Summer 2009 Assignment #6 50 marks This assignment covers Chapters 19 and 20. 1 mark is given for each multiple choice question. 1. Potential GDP is a. the value of total production. b. the value of total production measured in the prices of a single year. c. real GDP when land, labour, capital, and entrepreneurial ability are fully employed. d. the production possibilities frontier. e. none of the above. 2. Which of the following is a cost of rapid economic growth? a. More consumer goods such as colour television sets b. More population c. Greater future consumption d. Less current consumption e. Less frequent job changes 3. The phases of the business cycle, in order, are a. recession, expansion, trough, peak b. recession, peak, expansion, trough c. recession, trough, peak, expansion d. recession, trough, expansion, peak e. recession, peak, trough, expansion 4. Including discouraged workers in the measured unemployment rate would a. not change the measured unemployment rate. b. reduce the measured unemployment rate. c. reduce the size of the labour force. d. increase the measured unemployment rate only if there are no part-time workers. e. increase the measured unemployment rate. 5. Which one of the following will decrease the Canadian current account deficit? a. Japan buys wheat from farmers in Canada b. Japan buys wheat from farmers in Australia c. Canada buys steel from Japan d. Canada buys Toyotas from Japan e. Canada buys Japanese Savings Bonds
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Economics 1020 Webct Summer 2009 6. Using the most recent data, calculate the unemployment rate, the labour force participation rate, and the employment-to-population ratio for Ontario . The data is available on the Statistics Canada website. Show your calculations. Do not just report the numbers. (6 marks) Unemployment rate is the number of unemployed divided by the labour force multiplied by 100. The number of unemployed in Ontario is 670700 divided by the labour force which is people over the age of 16 not in prison, military or school which 7,156,100 which equals 0.0937 X 100 = 9.4% is the unemployment rate in Ontario for May 2009. The labour force participation rate equals the number of employed in thousands 6485.4 plus the number of unemployed which is 670.7 = 7156.1 divided by the population of Ontario 7156.1 / 10638.8 = 0.6726 multiplied by 100 equals 67.3%. The ratio is labour force employed divided by total population 6485.4 / 10638.8 = 0.609 X 100 = 61% employment rate. 7. Problem #4 on p. 463 of your textbook. (4 marks) i. Economic growth in Australia increased in 1990, 1994, 1995, and 1996. The  growth was the fastest in 1996.  ii. Economic growth rate decreased in Japan in the years of 1990, 1991, 1995  and 1990 was the slowest year. 
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This note was uploaded on 06/30/2009 for the course ECONOMICS 1020 taught by Professor Parkin during the Spring '09 term at UWO.

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Assignment6 - Economics 1020 Webct Summer 2009 Assignment...

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