...... Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 × 100 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio:
...... Ratios and Percentages We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can express these ratios in their fraction, decimal or percentage form. For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the portion of the adult population that is in the labor force as a fraction, a decimal, or a percent. As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the overall adult population (the denominator): Proportion of the adult population in the labor force: 380 460 Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and round to an appropriate number of decimal places (here, three): 380 460 To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here: 380 460 0.826 0.826 × 100 82.6% Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5 trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place: Deficit-GDP ratio:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Ratios and Percentages
We can express one quantity in terms of another is a variety of ways -- these relationships are known as ratios. We can
express these ratios in their fraction, decimal or percentage form..
For example, if an economy has 460 adults of working age and 380 of them are in the labor force, we can express the
portion of the adult population that is in the labor force as a fraction, a decimal, or a percent.
As a fraction, we simply put the number of people in the labor force (the numerator) over the number of people in the
overall adult population (the denominator):
Proportion of the adult population in the labor force:
380
460
Sometimes it is more useful to express this as a decimal. In this case, just divide the numerator by the denominator and
round to an appropriate number of decimal places (here, three):
380
460
To express this as a percentage, just take the decimal result times 100. We will round to one decimal places here:
380
460
0.826
0.826 x 100 =
Saved
R
82.6%
Suppose that the annual federal deficit is $350 billion. Gross Domestic Product 'GDP', a measure of the size of the economy is $14.5
trillion ($14,500 billion). Calculate the ratio between the deficit and GDP as a percentage rounded to one decimal place:
Deficit-GDP ratio:
%
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