Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next question. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017. Good 2017 Price 2017 Quantity 2024 Price 2024 Quantity A $1.2 80 $1.4 100 B $0.5 100 $0.6 120 C $1 4 $2 6 What was the nominal gross domestic product (GDP) of 2024?  

According to the WSJ article, the US economy has been experiencing labor shortages in recent years. What is one of the causes of labor shortages in the economy?

You operate a hands-on, kid-friendly science museum. Your input prices rise frequently, and you find it necessary to change your admission prices often. These frequent changes epitomize the problem of

Use the following table to answer the next question: Group # in Millions Work-eligible population ??? Labor force 120 Not in labor force 60 Employed 100 Unemployed ??? According to the above table, the unemployment rate in this economy is equal to

Suppose the price of a movie ticket was $0.75 in 1960. The consumer price index (CPI) in 1960 was 23, and the CPI in 2024 was 320. The price of the 1960 movie ticket in 2024 dollars was  

Suppose the real gross domestic product (GDP) grows by 3.5% and inflation is equal to 4.5%, but there is no change in the velocity of money. According to the equation of exchange, by how much does the quantity of money change?  

You are offered two jobs: one in San Diego paying $86,000 and one in New York City paying $96,000. The CPI is 345 in San Diego and 380 in New York City. Suppose you like San Diego but money is an important variable as well. How much more on top of the current offer would you ask San Diego employer so they are just matching NYC offer?

Nominal gross domestic product (GDP) increased from $25 trillion to $28 trillion, and the price level increased from 300 to 320. Which of the following is true?  

If the unemployment rate is 10% and the number of unemployed persons is 5 million, the number of people who are employed is approximately  

Hank was employed for seven years at a plant that manufactured automotive glass. He was let go when new robotic technology allowed the plant to operate with fewer workers. A person who loses his or her job this way would be considered