# Economic Math Problem: Graded Homework Assignment (Math Problem Sample)

**a.** What was nominal GDP in 2014?

**b.** What was nominal GDP in 2015?

**c.** What was the growth rate in nominal GDP from 2014 to 2015?

**d.** What caused the growth in nominal GDP in 2015?

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**(2.)** For each of the following individuals, would a government economist consider the person to be employed, unemployed, or not in the labor force?

**a. **High school graduate Leo is spending the summer backpacking across the country rather than seeking work.

**b. **Retail clerk Yasmine, who works only 20 hours per week, would like to work 40 hours per week.

**c.** Letitia recently lost her job as a receptionist. She is currently looking for work in the health care industry.

**d.** Roger has started looking for work because his young children have just entered grade school.

**e. **Nydia stopped looking for work for several months because she had become discouraged but she has started searching again.

**f.** Shawn is the owner and manager of his own convenience store.

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Economic math problem: Graded Homework Assignment

Name

Course

Instructor

Graded Homework Assignment (GHA) #3 - Macroeconomics

(1.) An economy produces two goods. You have the following data for two years.

Product AProduct B QuantityPriceQuantityPrice2014100$1.0050$2.002015100$1.5050$3.00

What was nominal GDP in 2014?

Nominal GDP= (100*$1.00) + ($2.00*50) = $ 200

What was nominal GDP in 2015?

Nominal GDP= (100*$1.50) + ($3.00*50) = $ 300

What was the growth rate in nominal GDP from 2014 to 2015?

Percentage change in nominal GDP from 2014 to 2015 = [($300-$200)/$ 200]*100 = 50%

d. What caused the growth in nominal GDP in 2015?

The prices of product A and Product B have increased by 50% and so has the nominal GDP, and this reflects changes in the inflation rate rather than the effective purchasing power.

(2.) For each of the following individuals, would a government economist consider the person to be employed, unemployed, or not in the labor force?

a. High school graduate Leo is spending the summer backpacking across the country rather than seeking work. Not in the labor force

b. Retail clerk Yasmine, who works only 20 hours per week, would like to work 40 hours per week. Employed

c. Letitia recently lost her job as a receptionist. She is currently looking for work in the health care industry. Unemployed

d. Roger has started looking for work because his young children have just enter...

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