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Problem Set 1




Question;Problem Set 1;Complete;all questions listed below. Clearly label your answers.;1.;The;receipts and year of release of the fivemovies 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 230.1).Put the movies;in order from largest to smallest real box office receipts and show your;calculations for full credit.;Movies;Nominal;Box Office Receipts (millions);Year Released;CPI in Year Released.;Avatar;$760.50;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. Juanita has two part-time jobs;but hopes to get one full-time job instead.;b. Bob teaches 1 class at the;University at night and volunteers 20 hours a week at the hospital.;c. Jaime babysits her younger sister;while her mother works.;d. Emma is retired. She volunteers;at the library 10 hours each week.;e. Alex is 15 years old and hopes to;find a part-time job soon but has not applied anywhere.;f. Rolando is not working but he has;submitted an application to work at the local grocery store and;is available to start work immediately.;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;15,000;Labor force;7,900;Not currently working;4,500;Employed Full-time;5,600;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 P105.;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?;AD;105;Price Level;SRAS 105;6300;90;4500;6000;95;4800;5700;100;5100;5400;105;5400;5100;110;5700;4800;115;6000;This;assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 2.


Paper#55824 | Written in 18-Jul-2015

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