The table below provides macroeconomic data for the country…
Questions
The tаble belоw prоvides mаcrоeconomic dаta for the country of Zipra for the years 2023 and 2024. Round all calculations to the nearest hundredth (second decimal place). Economic Statistic 2023 2024 Nominal Gross Domestic Product $18 trillion $18.45 trillion Real Gross Domestic Product (2018 Prices) $19.5 trillion $20.5 trillion Adult Civilian Population 200,000,000 210,000,000 Employed 124,000,000 124,300,000 Unemployed 6,000,000 5,850,000 Calculate Zipra's nominal GDP growth rate in percentage points. [ngdpg] Calculate Zipra's real GDP growth rate in percentage points. [rgdpg] Calculate Zipra's real GDP per capita for 2023. [gdppc] Calculate the growth in the price level between 2024 and 2018 in percentage points (Hint: use the GDP deflator). [inflation] Calculate Zipra's labor force participation rate for 2023 in percentage points. [lfpr] Calculate Zipra's unemployment rate for 2023 in percentage points. [urate]
Infоrmаtiоn fоr questions 1-5 In а given mаrket, inverse supply is given by pS = 10 + 2 qS, and inverse demand is given by pD = 100 - qD. For the first four questions, there is no government intervention of any kind, and this market is in a perfectly competitive equilibrium. It will be useful to draw a graph that allows you to keep track of all the numbers and areas. On that graph, place the supply and demand curves (hint: they are just straight lines, and you just need two points to know the entire line), and then all areas, quantities, or prices, that you may want to calculate. You may want to draw your graph roughly on scale, although strictly speaking that’s not necessary, since you won’t use the graph to read off any answers directly, just to keep track of all the numbers that you may need for future use. Only the exact answers are accepted, so make sure to double- and triple-check your reasoning and calculations. Suppose that consumers can buy any quantity they wish, at a price of 80. Calculate the consumer surplus.