- What is the gross domestic product of a country? What is meant by ‘intermediate goods’
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and are they included in the measure of GDP? Suppose that the following table represents
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the goods and services produced in a very simple closed economy in 2016. Assume that
steel is used as an input in the production of cars. Using that information, calculate the
GDP for the year 2016?.
Product Quantity Price
Steel 1000 $100
iPods 5000 $300
Cars 500 $25 000
Legal Services 100 $2000
- Why does inflation make nominal GDP a poor measure of the increase in total production
from one year to the next? When measuring real GDP, what does the term ‘chain volume
measures’ refer to? Give reasons why measured GDP does not reflect total production in
an economy.
- What factors determine labour productivity? Outline the various actions the government
sector should take to promote growth.
- For each of the following, indicate if the person would be classified as employed,
unemployed, or not in the labour force and why: (i) a 65-year-old man who left his job and
is now working as a volunteer for 10 hours a week; (ii) a university graduate who has not
been able to find a position using her skills and is working as a wait-person for 30 hours a
week; and (iii) a manufacturing worker who is out of a job and has given up searching for a
job.
- Suppose 180 000 people are employed, 20 000 people are unemployed, and an additional
50 000 people are not in the labour force but are of working age. Calculate the labour
force participation rate.
