Submit a 4- to 5-page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations
- 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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