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MT1PSol - ECO 320L Spring 2009 Professor Beatrix Paal...

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ECO 320L Spring 2009 Professor Beatrix Paal Midterm 1 name: 2/11/2009 1. Use the following to answer questions a-b: Real GDP in the US, measured in year 2000 (chained) dollars was $8.03 trillion in 1995, and $11.05 trillion in 2005. a. (2 points) Calculate the average annual growth rate of real GDP in the U.S. during the decade 1995-2005. b. (2 points) What will real GDP be in 2015, if the growth trend of the 1995-2005 decade continues through 2005-2015? 2. Use the following to answer questions a-b: The following tables contain historical data on the US unemployment rate and labor force participation rate, and recent information about the number of people employed, unemployed and the size of the adult civilian non-institutional population. Page 1 4.9% 66.1% Apr 08 5.0% 66.0% Jul 08 5.8% 66.1% Oct 08 6.6% 66.0% Millions of people Employed 142.1 Unemployed 11.6 Population (adult civilian) 234.7 unemployment rate labor force participation rate Jan 08
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