Assignment Instructions/ Description
EC2050 MyEconLab Homework Questions:::
Real GDP is the value of the _____ goods and services produced in a given year expressed in terms of the prices in _____ year.
Nominal GDP is the value of the _____ goods and services produced in a given year expressed in terms of the prices of _____ year.A. intermediate; a base; final; that sameB. final; that same; final; a baseC. final; that same; intermediate; a baseD. final; a base; final; that same
July unemployment dips in 17 states, rises in 26The Labor Department said that the largest job gains occurred in New York, which added 62,100 jobs, while
Minnesota added 10,300 jobs, its first gains in almost a year. Vermont added 900 jobs but its unemployment rate fell from 7.3% to 6.8%long dashthe biggest drop of all states.Source: The Associated Press, August 21, 2009
Explain how, other things remaining the same, the increase of 62,100 jobs in New York and of 10,300 in Minnesota changed the number of people employed, the labor force, and the unemployment rate.
The increase of 62,100 jobs in New York and of 10,300 in Minnesota ______ the number employed and ______ the labor force. A. did not change; did not changeB. increased; definitely increasedC. increased; increased or did not changeYour answer is correct.
D. did not change; increased or did not change
As a result, the unemployment rate in these states _______.A. decreasedYour answer is correct.B. did not changeC. decreased if the economy moved into an expansionD. increased
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