ECO403 Assignment No 1 Solution Spring 2018

Dear Students, Here you can read or Download ECO403 - Macroeconomics Assignment No 1 Solution idea and Discussion of Semester Spring 2018. Assignment Due Date is 15 MAY, 2018. Total Marks are 10. We are here to facilitate your learning and we do not appreciate the idea of copying or replicating solutions. ECO403 Assignment Solution File will be added Soon. Previously we shared ECO403 Solved Quiz and Short Notes for Mid Term.

ECO403 Assignment No 1 Solution and Discussion Spring 2018

ECO403 Assignment Deadline:

Make sure to upload the solution file before the due date (15 MAY, 2018) on VULMS.
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ECO403 Assignment Question:

The Case:
Angola is located in southern Africa. It is the 7th largest country in Africa. The total population in Angola was estimated at 27.5 million people in 2016. Major exports are crude oil, petroleum products, wood, fish products, coffee and cotton while major imports are food, textile products and consumer products. Suppose economy of Angola produced only fish, petrol and milk for the year 2016 and 2017. Facts and figures and macroeconomic indicators of the economy of Angola for the year 2016 and 2017 are given in Table-01 and Table-02.

Table - 01:

	2016		2017
	Price (Rs)	Quantity	Price (Rs)	Quantity
Fish (Kg)	10	1000	11	1500
Petrol (Liter)	20	2000	20	2500
Milk (Liter)	5	10000	6	11000

Table - 02:

	2016	2017
Real interest rate	3%	3.5%
Employed	11 million	17 million
Unemployed	5 million	2 million

Requirements:

Keeping in view the above facts and figures, in the economy of Angola, Calculate;

Nominal GDP for the year 2017

Real GDP for the year 2017 using 2016 as a base year

GDP deflator for the year 2017

Labor force for the year 2017

Unemployment rate for the year 2017

Please Note: Write down formula and all relevant steps involved in calculation. (Marks =2+2+2+2+2)