Consider an economy that produces 3 goods (basketballs, base…

Consider an economy that produces 3 goods (basketballs, baseballs, and soccer balls). The following data gives the quantity produced and unit price for the three different goods across two different years. Assume that the base year is 2012. Use the information from the table to answer the following question. Good 2012 Price 2012 Quantity 2013 Price 2013 Quantity Basketballs $2.00 500 $2.50 600 Baseballs $4.00 1,000 $5.00 900 Soccer Balls $2.00 200 $1.00 300 Using the information from the previous table, what was the growth rate of real gross domestic product (GDP) between the two years?

Consider the event to answer the following question: The COV…

Consider the event to answer the following question: The COVID-19 Pandemic affected a variety of macroeconomic variables some of which have not yet been evaluated. Among those economists can confidently asses is a decline in consumption of many goods and services (gasoline, airline tickets, hotels and other hospitality/ entertainment industries, etc). Only consider this decline in consumption when answering the following question. In the short-run, how would this event impact unemployment (u)?

Use the table to answer the following question: Group # i…

Use the table to answer the following question: Group # in millions Work-eligible population 286 Labor force 154 Not in labor force 89 Employed 142 Unemployed 12 According to the previous table, the labor force participation rate in this economy is equal to