Problem Set 1
Complete
all questions listed below. Clearly label your answers.
1.
The
receipts and year of release of the fivemovies with the largest nominal box
office revenues, along with the CPI data of each year are presented below.
Assuming that the receipts for each of the movies were derived during their
year of release, convert the receipts for each to real dollars for the year
2010 (2010 CPI 230.1).Put the movies
in order from largest to smallest real box office receipts and show your
calculations for full credit.
Movies
Nominal
Box Office Receipts (millions)
Year Released
CPI in Year Released.
Avatar
$760.50
2009
214.5
Titanic
600.8
1997
160.5
Star Wars
461
1977
60.5
Shrek 2
437.2
2004
188.9
E.T. The Extra-Terrestrial
399.9
1982
96.5
2. Classify
each of the following as employed, unemployed, or not in the labor force.
a. Juanita has two part-time jobs
but hopes to get one full-time job instead.
b. Bob teaches 1 class at the
University at night and volunteers 20 hours a week at the hospital.
c. Jaime babysits her younger sister
while her mother works.
d. Emma is retired. She volunteers
at the library 10 hours each week.
e. Alex is 15 years old and hopes to
find a part-time job soon but has not applied anywhere.
f. Rolando is not working but he has
submitted an application to work at the local grocery store and
is available to start work immediately.
3. Use the following data to calculate (a) the
labor force participation rate, (b) the unemployment rate, and (c) the
employment/population ratio.
Population age 16 and over
15,000
Labor force
7,900
Not currently working
4,500
Employed Full-time
5,600
Employed Part-time
1,100
Unemployed
1,200
4. Consider an economy with the following
aggregate demand (AD) and short-run aggregate supply (SRAS) schedules.
Decision-makers have previously made decisions anticipating that the price
level during the current period will be P105.
a.
Indicate
the quantity of GDP that will be produced during the period.
b.
Is
it a long-run equilibrium level of GDP? Why or why not?
c.
How
will the unemployment rate during the current period compare with the natural
rate of unemployment?
d.
Will
the current rate of GDP be sustainable into the future? Why or why not?
AD
105
Price Level
SRAS 105
6300
90
4500
6000
95
4800
5700
100
5100
5400
105
5400
5100
110
5700
4800
115
6000
This
assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 2.
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