2. In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009. 80 people lost their Jobs and didn’t look for f new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work. Calculate for July 2009
a. The unemployment rate.
b. The employment to population ratio
And calculate for the end of August 2009
c. The number of people unemployed.
d. The number of people employed.
e. The unemployment rate.
Ch6
2. Japan’s real GDP was 525 trillion yen in2009 and 535 trillion yen in 2010. Japan’s population was 127.6 million in 2009 and 127.5 million in 2010. Calculate
a. The economic growth rate,
b. The growth rate of real GDP per person.
c. The approximate number of years it takes for real GOP pee person in Japan (0 double if the real GDP economic growth rate returns to 3 percent a year and the population growth race is maintained
4. Chinas real GDP per person was 9,280 yuan’ in 2009 and 10,110 yuan in 2010. India’s real GDP per person was 30,880 rupees in 2009 and 32,160 rupees in 2010.
a. The population of China is growing at 1percent a year and the population of India is growing at l.4 percent a year. Calculate the growth rate of real GDP in each country.