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Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.)
Hello.
Nominal GDP $20,658.2
Real GDP $18,665.0
Potential real GDP $17,582.5
The GDP deflator is 110.68 (please double check that number)
Please explain how to figure below.
Relative to potential real GDP, real GDP is __________ percent above potential real GDP.
Thank you!
Hello.
Suppose in 2014, the cost of a market basket of goods was $1,989. In 2016, the cost of the same market basket of goods was $2,141. Calculate the price index for 2016, using the price index formula, assume 2014 is the base year.
My answer is 107.6, but that does not seem right. Please explain.
Thank you!
Hello, Please explain.
During the course of a year, the labor force consists of the same
1,055 people. Of these,16 lack skills that employers desire and remain unemployed throughout the year. At the same time, every month during the year, 37 different people become unemployed, and 37 other people who were unemployed find jobs. There is no cyclical unemployment.
Calculate the frictional unemployment rate.
Thank you!
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