Which of the following people is frictionally unemployed? A) ...

[jasdeep_brar]

Which of the following people is frictionally unemployed?
 
  A) Samantha, who worked part-time in J.C. Penney to help with the Christmas rush but was laid off in January
  B) Amanda, a sales associate at J.C. Penney who quit her job to attend school full time
  C) Tran, a building construction supervisor who was fired because of a downturn in the building industry that is the result of a general downturn in the economy
  D) Eugene, a pharmaceutical drug salesman who was laid off when his company lost a large contract with an HMO
  E) Cara, an executive who lost her job because her company could not compete with foreign competition and whose skills are not wanted by other companies

Question 2

The table above has real and nominal GDP for two years for a foreign country.
 
  a. What does the GDP price index equal in 2010? What does the value of the GDP price index tell you about 2010?
  b. What does the GDP price index equal in 2011?

[matt]

Answer to Question 1

D

Answer to Question 2

a. The GDP price index equals (100 )  (nominal GDP  real GDP). In 2010, the GDP price index equals (100 )  (3,300 trillion  3,300 trillion) = 100. Because the GDP price index equals 100, we can determine that 2010 is a base year.
b. In 2011, the GDP price index equals (100 )  (4,200  3,600 ) = 116.67.

[jasdeep_brar]

TYSM

[frankwu0507]

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