Homework #4

Homework #4 - ECN 101/Fall 2011 Homework #4 Evelyn Tavares...

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ECN 101/Fall 2011 Homework #4 Evelyn Tavares 1. The real GDP in the first quarter of 2011 was found to be \$600,000 and the number of hours worked was 10,000. In the second quarter of 2011, the real GDP increased to \$880,000 while the number of hours worked increased to 11,000. Given these values, solve for labor productivity in both quarters and solve for the growth rate of labor productivity between the quarters. 1 st Quarter 2 nd Quarter Real GDP \$600,000 Real GDP \$880,000 Hours Worked 10,000 Hours Worked 11,000 Labor Productivity = Total Output (GDP)/Total hours worked 1 st Quarter LP = 600,000/10,000 LP = 60 2 ND Quarter LP = 880,000/11,000 LP = 80 Growth Rate of Labor Productivity GRLP=( 80-60/60) *100 GRLP = 0,3333333…*100 GRLP = 33,33% 2. The latest unemployment findings by the Bureau of Labor Statistics turned up the following results. Cyclical unemployment is 5%, structural unemployment is 2%, and frictional unemployment is 2%. b. What is the current unemployment rate?

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This note was uploaded on 03/01/2012 for the course ECON 101 taught by Professor M.h.baligh during the Spring '09 term at Bergen Community College.

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Homework #4 - ECN 101/Fall 2011 Homework #4 Evelyn Tavares...

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