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Questions:

 
1. What is the gross domestic product of a country? What is meant by 'intermediate goods' and are they included in the measure of GDP? Give an example of a good that could be an intermediate good or a final good depending on the situation. Explain your answers. Suppose that the following table represents the goods and services produced in a very simple closed economy in 2016. Using the information in the table below to answer question 2.
 

Product

Quantity

Price

Steel

1000

$100

iPods

5000

$300

Cars

500

$25 000

Legal Services

100

$2000

 
2. Assume that steel is used as an input in the production of cars. Using that information, calculate the GDP for the year 2016? Indicate if the person would be classified as employed, unemployed, or not in the labour force and why?
 
3. A 45-year-old person who has been made redundant in their current position, is looking for work and is able to start immediately, but does not have the skills required by industry and needs retraining.
 
4. A person who is working for 10 hours a week paid work in a supermarket while studying full time. The person is looking for full time work but cannot start until they finish their study in 3 months time.
 
Refer to the following table and answer question 5.

 

Persons

Employed

8000

Unemployed

500

Not in the labour force

4000

 
5. Define and calculate the unemployment rate (show working). What is the labour force participation rate.
6. Suppose an economy has only three goods, and the typical family purchases the amounts given in the following table. If 2005 is the base year, then, what is the CPI for 2015?

Product

Quantity (2005)

Price (2005)

Price (2015)

Computers

2

$1700

$1200

Books

50

$25

$30

Burgers

150

$1.00

$2.00

Total

 

 

 

 
7. Explain the three reasons the aggregate demand curve slopes downward.Explain how each of the following events in questions 8, 9 would affect the aggregate demand curve.
 
8. Consumers become more pessimistic about the future economic growth as unemployment rises.
 
9. Domestic prices increase, which decreases exports.  

Read the following excerpt and answer the question 10

Struggling household sector weighs on GDP outlook A struggling household sector – which is garnering the smallest slice of the nation's economic pie in decades – is casting renewed doubts over official predictions of a near-term rebound from a first-quarter dip in growth. Hampered by a series of headwinds in the opening months of the year, including bad weather that slowed both construction work and export shipments from northern Australia, annual growth faltered to the weakest pace since the 2009 downturn. Citigroup analyst Joshua Williamson said the accounts showed the wages share of GDP was at the lowest level since 1964……. "The flip side of the weak wages share is the highest profits share of GDP since December 2011," he said. "Hopefully the recent rebound in profits will feed into a stronger appetite for hiring and investment but so far the signs remain at best mixed."
 
10. Given the information in the above article, what components of GDP have been affected? How would this affect Aggregate Demand? Using the AD/AS framework, and assume that the economy was originally in the long run equilibrium, show what happens in both the short run and the long run. 
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