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Economics Questions




Question;1) (TCO F) The size of;the labor force in a community is 800, and 720 of these folks are gainfully;employed. In this community, 200 people over the age of 16 do not have a job;and are not looking for work. In addition, 100 people in the community are;under the age of 16. The unemployment rate is ______.;2) (TCO F) Supposenominal GDP in 2005 was;$12 trillion, and in 2006 it was $15 trillion. The general price index in;2005 was 100, and in 2006 it was 102. Between 2005 and 2006, real GDP;rose by what percent?;3) (TCO F) The consumer price index was 190.7 in;January of 2005, and it was 198.3 in January of 2006. Therefore, the rate;of inflation in 2005 was about ______.;4) (TCO E) (10 points);As the U.S. dollar appreciates in value relative to the Japanese Yen, what happens;to the price of U.S. goods in Japan? What happens to the price of;Japanese goods in the U.S.?;(10 points) Why would a country (for example China) choose to keep their;currency relatively pegged to the U.S. dollar? If the U.S. dollar were to;appreciate considerably against most currencies, what would be the effect on;Chinese exports to countries other than the U.S.?;5) TCO E) Suppose the;Canadian dollar (C$) price of one British pound is C$2.12. A hotel room in;London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In;which city is the hotel room cheaper, and by how much?;6) (TCO E) Answer the next question on the basis;of the following production possibilities data for Landia and Scandia;Landia production possibilities:A;B C;D E;Fish;8;6;4;2 0;Chips;0 10;20 30 40;Scandia production possibilities:A;B C;D E;Fish;24;18 12 6;0;Chips;0;12 24 36 48;Refer to the above data. What would be feasible terms of trade between Landia;and Scandia?;7) (TCO F) The Republic;of Republic produces two goods/services, fish (F) and chips (C). In 2006, the;200 units of F produced sold for $3 per unit and the 500 units of C produced;sold for $1 per unit. In 2007, the 300 units of F produced sold for $4 per;unit, and the 600 units of C produced sold for $2 per unit. Calculate Real GDP;for 2007, assuming that 2006 is the base year.;8) (TCO F) Country A produces two;goods, elephants and saddles. In the year 2006, the 10;units of elephants produced sold for $2,000 per unit and the 25 units;of saddles produced sold for $200 per unit. In 2007, the 20 units;of elephants produced sold for $3,000 per unit, and the 50 units of saddles;produced sold for $300 per unit. Real GDP for 2007, assuming;that 2006 is the base year, is ______.;9) (TCO E) A Honda Accord sells for $24,000 in;the United States and for SF29,500 in Switzerland. Given an exchange rate;of SF1.25 = $1, how do the car prices of both countries compare?


Paper#58103 | Written in 18-Jul-2015

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