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MACRO HOMEWORK #5P
PRICE UNEMPLOYMENT REAL GDP
Use Handout #
1
3, #1
4
and Chapters 4 & 5
|
Market Basket Good |
2 004 Price |
2004 Quantity |
2005 Price |
2005 Quantity |
2006 Price |
2006 Quantity |
|||
|
Oil Change |
$18 |
4 |
$2 0 |
$24 |
|||||
|
Tires |
$5 0 |
2 |
$4 5 |
1 | |||||
|
Wiper Blades |
$4 |
$3 |
|||||||
|
Engine Oil |
$2 |
30 |
$5 |
27 |
25 |
1. Calculate the CPI for 2004, 2005 & 2006 with 2004 as the base year.
Show your formula.
2. What is the rate of inflation between 2005 and 2006?
Show your formulas.
3. What is the 2006 price of engine oil in 2004 dollars?
Show your formula.
4. What is the 2004 price of tires in 2005 dollars?
Show your formula.
5. What is real GDP in 2005 and 2006? What is nominal GDP in 2005 and 2006?
Show your formulas.
Here is information on employment in Hogsmeade for 2005:
Hogsmeade’s population – 2,000
Persons under 16 – 100
Persons in Institutions – 20
Persons in Military – 200
Persons Unwilling to Work – 50
Persons Working – 1,450
6. What is Hogsmeade’s current labor force? CNIP?
7. What is the current employment rate, unemployment rate and labor force participation rate in Hogsmeade?
8/11/12
