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a) Suppose nominal GDP in 1999 was $100 billion and in 2001 it was $270 billion. The general price index in 1999 was 100 and in 2001, it was 150. Between 1999 and 2001, the real GDP rose by what percent?

b) In a given year in the United States, the total number of residents is 170 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 10 million. What is the size of the labor force in the United States for the given year? What is the unemployment rate in the United States for the given year?

 

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