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# Gm545 Quiz 2 Essay

1096 words - 5 pages

1. (TCO F) The size of the labor force in a community is 500, and 400 of these folks are gainfully employed. In this community, 100 people over the age of 16 do not have a job and are not looking for work. In addition, 200 people in the community are under the age of 16. The unemployment rate is ______. (Points : 15)
The unemployment rate is figured by dividing the # of unemployed by the labor force and that is given to me here as 500. Since 100 are gainfully employed, (500-400) then 100/500=.2 and .2*100 gives us 20%, so the unemployment rate is 20 percent.

2. (TCO F) Suppose nominal GDP in 2005 was \$12 trillion, and in 2006 it was \$14 trillion. The general price index in 2005 was ...view middle of the document...

So, the car would be more expensive in Switzerland.

4. TCO E) (10 points) As the Mexican peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of Mexican goods in the United States?
(10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20)

When the Mexican peso depreciates in value relative to the US dollar, then it would take more pesos to make up or buy a dollar from the U.S. What will happen is that United States products are suddenly more expensive for Mexicans to buy. This is beause it takes more pesos to make one dollar. However, United States consumers can buy more Mexican products for one dollar.

B. China will want their currency as close to the dollar as possible. This will make trade more even because we trade with China so much. If the dollar were to appreciate considerably against most currencies, it wouldn't matter to China and the US trading, because it not between the other countries that China and the U.S. trade. However, Chinese products would become more expensive to other countries.

5. Suppose the Canadian dollar (C\$) price of one British pound is C\$2.12. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C\$250. In which city is the hotel room cheaper, and by how much? (Points : 15)

120*2.12=254.4. The hotel room in London costs 254.4 Canadian dollars. and in Toronto it costs 250, so the difference is 4.4 so the hotel room in Toronto is cheaper by 4.4.

6. TCO E) Answer the next question on the basis of the following production possibilities data for...

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