Posted: September 8th, 2015

Production, Unemployment, and Inflation,

Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each. What is the value of real GDP produced in 2014 using 2013 as the base year? What would be the growth in real GDP?
Why is there unemployment even when the economy is at “full employment”? What are some “costs of unemployment”?
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