1. What does gross domestic product (GDP) measure? 2. What is the difference between real vs.nominal GDP? 3. How is unemployment measured and what are the various types of unemployment?

Q: 1. A country with a population of eight million adults has five million employed, 500,000…

A: Total Population=8 million=8,000,000 Number of People employed=5 million=5,000,000 Number of people…

Q: What would be the Nominal GDP if the price index is 100 and the amount of Real GDP is 250 ?

A: As per the given question Price index is values as = 100 Real GDP = 250 Nominal GDP needed = ?

Q: 1. Measuring employment, unemployment, and labor force participation Consider a small economy…

A: Labor force is a part of adult population which is either employed or unemployed.

Q: According to this formula, what is the unemployment rate of this economy of six people? 20% 60%…

A: 1) This means that jake is employed. Explanation: Unemployment is a situation in which the laborers…

Q: The table shows employment statistics for a fictional country. Use the information to answer the…

A: People who are actively looking for a job and willing and able to work, are considered unemployed.…

Q: What is inflation? How can we measure it? What are the differences between inflation based on CPI…

A: inflation is a term that refers to the increase in the general price level of most services and…

Q: Supposed economy has a population of 5000 people. 1000 people are under the age of 16. 1250 people…

A: The population is the total number of people who are in the labor force and who are not in the labor…

Q: Define CPI. What is it? What does it measure? How is it calculated?

A: CPI is the abbreviation for consumer price index.

Q: Which of the following people will be classified as unemployed by the United States' Bureau of Labor…

A: The labor force comprises the employed and the unemployed. Employed are those that have jobs and…

Q: Why is Consumer Price Index (CPI) important to a business?

A: Consumer price index (CPI) is one of the economic tools to measure the changes in economic…

Q: Use the following to answer questions 1-6: Working Age Population Labor Force # of Employed 1. What…

A: Size of Unemployment = Size of Labor Force - Size of Employed people Unemployment rate = (Size of…

Q: If the population is 300 million, with 70 million under the age of 16 and institutionalized, another…

A: Unemployment refers to the situation where a person who does not have a job but is actively looking…

Q: Suppose the unemployment rate is 5%, participation rate is 80%, out of the labour force is 100…

A: Before solving the question, it's essential to understand the economic indicators involved. The…

Q: What are the challenges of the changing unemployment rate?

A: Unemployment: Unemployment is the situation under which the number of willing or able persons is…

Q: Explain in detail, how we define the employed, the unemployed, and who is in the labor force?

A: Employed are those people who belong to the labor force and are working belong to the employed…

Q: A country with a population of eight million adults has five million employed, 500,000 unemployed,…

A: The unemployment rate refers to the number of people unemployed in total labor force. It is…