ECO403 Assignment No. 1 Solution

 Solution 1

Nominal GDP	Real GDP	GDP reflector	Inflation rate
92575	92575	100	---
94115	82355	114.3	14.3%
145800	112450	129.7	15.4%

Formulas

For calculation nominal gdp Multiply Ps & Qs from same year llike 200*140+315*205=92575

Etc etc

Asy he bqi b calculate krni ha

Or real gdp me prices 1^st wali use hongi or quantities sub ki baribari lagai jaengy

Llike 200*14+315*205=92575

200*70+315*217=82355

200*200+315*230=112450

GDP Deflator = Nominal GDP /Real GDP *100

Or inflation rate 1^st --, or 2^nd 114.3-100=14.3%

3^rd 129.7-114.3=15.4%

Solution 2

labor force = employment * unemployment

= 164.5+8= 172.5 million

number of people not in labor force= not employed= 8 million

Labor-Force Participation Rate = Labor Force/Adult Population x 100

=172.5/329.8*100 = 52.30 million

Unemployment Rate = Number of Unemployed /Labor Force*100

=8 /17505*100= 4.64 million