TEST1ans.2006 - ECMA06H Sketchy Solutions to First Term...

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ECMA06H Sketchy Solutions to First Term Test, written on February 17, 2004 Please note that there were 2 different versions of the exam, with both questions and answers scrambled, so answer key varies between exams. You can tell which exam you had be looking at your answer sheet, or at the first question. EXAM#1: Top line of answer page “ECMA06S”; question #1 asks about Canada’s GDP EXAM#2: Top line of answer page “ECMA06H”; question #1 asks about Canada’s last recession and current rate of unemployment EXAM#1: O H D F D M F C C Q I A G J Q L M X I H I K H G C EXAM #2: H D O G E L C F C I Q B J G L Q N W H I J L G C G Q1-3: Current GDP is $1400 billion, current u is about 6%, current inflation is 2% per year, last major recession was in early 1990s. Q4-5: Current u in Atlantis is 1080/12,000 = 9%; 166 new jobs reduce number of unemployed to 964, increase labour force to 12,050, so u = 964/12,050 = 8% Q6: 128.1/16.9 = 7.5798817; 7.5798817 to the power 0.02 (or 1/50) = 1.0413417; so the annual rate of inflation has been 4.13% over that period (to the nearest hundredth)
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TEST1ans.2006 - ECMA06H Sketchy Solutions to First Term...

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