Macroeconomics (ECO403)
Assignment 1:
Commodities
|
1996
|
1997
|
|
|
Price (Rs)
|
Quantity
|
Price (Rs)
|
Quantity
|
|
Oil
|
10
|
100
|
11
|
120
|
|
Cocoa
|
1
|
50
|
1
|
70
|
|
Cloth
|
7
|
150
|
9
|
15
|
|
Diamond
|
35
|
110
|
40
|
120
|
|
Requirements:
With the help of above data, calculate Ghana’s:
- A. Nominal GDP for 1996 and 1997
Nominal GDB ( N. GDP= Price(P) x Real Output(Y))
Take value of quantity as the value of real output
- B. Real GDP for 1996 and 1997
Real GDB (R. GDP= Real Output (Y) / Price (P))
Take values of quantity as real output.
- C. Labor force for year 1996 and 1997
Labor Force = No. of employed + No. of unemployed
- D. Unemployment rate of the year 1997
Unemployment Rate =(No. of unemployed / Labor Force) x 100