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DEPARTMENT OF BUSINESS, ACOUNTING AND SPORT MANAGEMENT

ECON 201- PRINCIPLES OF ECONOMICS I

ASSIGNMENT #6.

Instructor: Dr. Kingsley Nwala

QUESTIONS:

(1) 1n 2015, a country called Zeta had a Real GDP of $7,091.53 million. By 2016, the Real GDP grew to $8,020.50 million. What is the growth rate of its Real GDP between 2015 and 2016?

(2) If their Real GDP in 2016 was $8,020.50 million and population was 18 million people, what is the country’s Real GDP per capita for 2016?

(3) You have been informed that the country’s total population in 2016 was 18 million people. Suppose 7 million of this population are employed, 2 million are unemployed, 4 million are under 16 years of age, 2 million are in mental institutions, and 3 million are not in the labor force, (a) How many people are in their Labor force? (b) What was the 2016 unemployment rate in this country?

DEPARTMENT OF BUSINESS, ACOUNTING AND SPORT MANAGEMENT

ECON 201- PRINCIPLES OF ECONOMICS I

ASSIGNMENT #6.

Instructor: Dr. Kingsley Nwala

QUESTIONS:

(1) 1n 2015, a country called Zeta had a Real GDP of $7,091.53 million. By 2016, the Real GDP grew to $8,020.50 million. What is the growth rate of its Real GDP between 2015 and 2016?

(2) If their Real GDP in 2016 was $8,020.50 million and population was 18 million people, what is the country’s Real GDP per capita for 2016?

(3) You have been informed that the country’s total population in 2016 was 18 million people. Suppose 7 million of this population are employed, 2 million are unemployed, 4 million are under 16 years of age, 2 million are in mental institutions, and 3 million are not in the labor force, (a) How many people are in their Labor force? (b) What was the 2016 unemployment rate in this country?