Macroeconomic Questions 2

Question Description

1) In 2011, the value of the GDP deflator is ___ ? (Enter your response rounded to the nearest whole number.)

2011

2012

Nominal GDP

$13,195 billion

$13,841 billion

Real GDP

$11,319 billion

$11,567 billion

2) In a closed economy, the values for GDP, consumption spending, investment spending, transfer payments, and taxes are as follows:

Y =

$12 trillion

C =

$9 trillion

I =

$3 trillion

TR =

$2 trillion

T =

$3 trillion

Using the information above, what is the value of private saving and public saving?

A.

Private saving equals $9 trillion and public saving equals $3 trillion.

B.

Private saving equals $1 trillion and public saving equals $2 trillion.

C.

Private saving equals $3 trillion and public saving equals $9 trillion.

D.

Private saving equals $2 trillion and public saving equals $1 trillion.

3) The labor force participation rate

is the percentage of the working-age population in the labor force.

Suppose an economy is given by:

Population = 208 million

Working-age population = 115 million

Labor force = 75 million

The number of people employed = 69 million

The number of people unemployed = 6 million

The labor force participation rate for this economy is ____ %.

(Enter your response rounded to one decimal place.)

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