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ECON 214

Part-1: Discussion Board Instructions

You are required to complete Discussion Board Forum. You will research a topic, and compose a thread discussing the topic. Research outside the textbook is required for each forum. Acceptable research sources include your textbook, periodicals, journals, newspapers, magazines, and the Bible. The research required for each Discussion Board Forum topic can be accomplished at our

Online Library

. Sources such as Wikipedia, About.com, book reviews, and blogs are prohibited.)

In each thread/discussion you must demonstrate a fundamental understanding of the economic theory and outside research for the specific topic. You must adhere to APA style when formatting your posts and citing your sources.
Each thread must contain at least

3

or 4 paragraphs including a minimum of 300 words. 

· In the first paragraph, discuss the relevant economic theory of your topic (your textbook is a good source for this paragraph).

· In the second paragraph, you must include outside research to corroborate your thread (from the Online Library or elsewhere).

· In the third paragraph, cite and discuss a real-world example of your topic. 

· In the fourth paragraph, whenever possible, integrate biblical insights into your discussion board posts. Some of the topics specifically note that biblical integration is required as part of the post.

· Title your thread according to your topic.

TOPIC: Choose a Topic: GDP (As it relates to Output) or Real GDP vs Nominal GDP

Part-2: Problem Set 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.

Avatar

$7

60.5

0

2009

214.5

Titanic

600.8

1997

160.5

Star Wars

461

1977

60.5

Shrek 2

437.2

2004

188.9

E.T. The Extra-Terrestrial

399.9

1982

96.5

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.

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.

c. Bob was laid off as a carpenter when a construction project was completed. He is looking for work but has been unable to find anything except a $10 per hour job which he turned down.

d. Jade works 70 hours per week as a homemaker for her family of 6.

e. Carson, a 17-year-old, works six hours per week as a delivery person for the local newspaper.

f. Brady works three hours in the mornings at the clinic and for the last two weeks has spent the afternoons looking for a full-time job.

3.
Use the following data to calculate (a) the labor force participation rate, (b) the unemployment rate, and (c) the employment/population ratio.

Population age 16 and over

1

5,000

Labor force

7,300

Not currently working

4,500

Employed Full-time

5,000

Employed Part-time

1,

100

Unemployed.

1,200

4.
Consider an economy with the following aggregate demand (

AD

) and short-run aggregate supply (SRAS) schedules. Decision-makers have previously made decisions anticipating that the price level during the current period will be P

105

.

a. Indicate the quantity of GDP that will be produced during the period.

b. Is it a long-run equilibrium level of GDP? Why or why not?

c. How will the unemployment rate during the current period compare with the natural rate of
unemployment?

d. Will the current rate of GDP be sustainable into the future? Why or why not?

105

5400

5100

5700

4800

6000

AD

105

Price Level

SRAS 105

6300

90

4500

6000

95

4800

5700

100

5100

5400

110

115

This assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 2.

3

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