E304exam1_essay_A_KEY

E304exam1_essay_A_KEY - ECON 304.013 Exam 1 Part 1 Form A...

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ECON 304.013 Exam 1 Part 1 Form A BRIEF ANSWER KEY - SHORT ANSWER – Carefully answer the questions below. Put your answers in this test packet. This section is worth 30 points. BE SURE TO SHOW ANY CALCULATIONS IN DETAIL IN ORDER TO GET FULL CREDIT!!!! 1. ( 5 points ) Carl's Computer Center sells computers to business firms. Businesses then use the computers to produce other goods and services. Over the past year, sales representatives were paid $3.5 million, $0.5 million went for rent on the building, $0.5 million went for taxes, $0.5 million was profit for Carl, and $10 million was paid for computers at the wholesale level. What was the firm's total contribution to GDP? $5 million 2. ( 5 points ) The city of Hope has a labor force of 1000. Twenty people lose their jobs each month and remain unemployed for exactly one month before finding jobs. On January 1, May 1, and September 1 of each year 50 people lose their jobs for a period of four months before finding new jobs. (a) What is the unemployment rate in any given month?
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E304exam1_essay_A_KEY - ECON 304.013 Exam 1 Part 1 Form A...

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