6. A. B. Refer to the data below: Real GDP in billions) 12,560 12,682 12,909 13,

Question

6.

A.

B.

Refer to the data below: Real GDP in billions) 12,560 12,682 12,909 13,271 13,774 4,234 14,614 14,874 14,830 14,419 14,784 15,021 15,369 15,710 Civilian Labor Force 142,583,000 143,734,000 144,863,000 146,510,000 149,401,000 149,320,000 151,428,000 153,124,000 154,287,000 154,142,000 153,889,000 153,617,000 154,975,000 155,389,000 Civilian Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Employment Unemployment 136,891,000 136,933,000 136,485,000 137,736,000 141,252,000 141,729,000 144,427,000 146,046,000 145,363,000 139,877,000 139,064,000 139,869,000 142,469,000 143,929,000 5,692,000 6,801,000 8,378,000 8,774,000 8,149,000 7,591,000 7,001,000 7,078,000 8,924,000 14,265,000 14,825,000 13,747,000 12,506,000 11,460,000 Instructions: Enter your responses rounded to the nearest one decimal place. Make sure to pay attention to the units measured in the question, i.e. million or trillion. Between 2000 and 2003, by how much did (a) The labor force increase? (b) Total employment increase? (c) Total unemployment increase? (d) Total output (real GDP) increase? $ million million million trillion

Explanation / Answer

A.)
a)Labour force in year 2000 is 142,583.00 million and in 2003 it is 146,510.00 million so the total increase is 3927.00 million.
b)Total employment in 2000 is 136,891.00 million and in 2003 it is 137,736.00 million so the increase in employment is 845.00 million
c) Total unemployment in 2000 is 5,692.00 million and in 2003 it is 8,774.00 million so the increase in unemployment is 3,082.00 million
d) Real GDP in 2000 12.560 trillion and in 2003 it is 13.271 trillion so the increase in GDP in trillions is 0.711 $.

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