Problem_Set_1_Wilson_Lisa

# Problem_Set_1_Wilson_Lisa - ECON 214 PROBLEM SET 1 Complete...

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ECON 214 P ROBLEM S ET 1 Complete all questions listed below. Clearly label your answers. 1. The receipts and year of release of the five movies with the largest nominal box office revenues, along with the CPI data of each year are presented below. Assuming that the receipts for each of the movies were derived during their year of release, convert the receipts for each to real dollars for the year 2010 (2010 CPI 218.1 ) . Put the movies in order from largest to smallest real box office receipts. Movies Nominal Box Office Receipts (millions) Year Released CPI in Year Released. Real Price (millions) Star Wars \$461 1977 60.5 \$1,661.89 E.T. The Extra- Terrestrial 399.9 1982 96.5 903.82 Titanic 600.8 1997 160.5 816.41 Avatar 760.50 2009 214.5 773.26 Shrek 2 437.2 2004 188.9 504.78 2. Classify each of the following as employed, unemployed, or not in the labor force. a. Beth is not working; she applied for a job at Wal-Mart last week and is awaiting the result of her application. Unemployed b. Juan is vacationing in Florida during a layoff at General Motors plant due to a model changeover, but he expects to be recalled in a couple of weeks.

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