ECO 320L Spring 2009Professor Beatrix PaalMidterm 1name: 2/11/20091.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 14.9%66.1%Apr 085.0%66.0%Jul 085.8%66.1%Oct 086.6%66.0%Millions of peopleEmployed142.1Unemployed11.6Population (adult civilian)234.7unemployment ratelabor force participation rateJan 08
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