Problem Set 1
Problem Set 1
Complete all questions listed below. Clearly label your answers.
1. The receipts and year of release of the five movies with the largest nominal box office revenues, along with the CPI data of each year are presented below. Assuming that the receipts for each of the movies were derived during their year of release, convert the receipts for each to real dollars for the year 2010 (2010 CPI 230.1). Put the movies in order from largest to smallest real box office receipts and show your calculations for full credit.
Movies
Nominal
Box Office Receipts (millions)
Year Released
CPI in Year Released.
Avatar
$760.50
2009
214.5
Titanic
600.8
1997
160.5
Star Wars
461
1977
60.5
Shrek 2
437.2
2004
188.9
E.T. The Extra-Terrestrial
399.9
1982
96.5
1. Avatar- 214.5 / 230.1 x 760.5 = $708.94 million 2. Titanic- 160.6 / 230.1 x 600.8 = $419.07 million 3. Shrek 2- 188.9 / 230.1 x 437.2 = $358.92 million 4. E.T.- 96.5 / 230.1 x 399.9 = $167.71 million 5. Star Wars- 60.5 / 230.1 x 461 = $129.10 million
2. Classify each of the following as employed, unemployed, or not in the labor force.
a. Juanita has two part-time jobs but hopes to get one full-time job instead.
a. Employed
b. Bob teaches 1 class at the University at night and volunteers 20 hours a week at the hospital.
a. Employed
c. Jaime babysits her younger sister while her mother works.
a. Not in the labor force
d. Emma has submitted 10 applications for summer jobs but won’t be able to start work until 2 months from now. She is not working now.
a. Not in the labor force
e. Alex is 15 years old and hopes to find a part-time job soon but has not applied anywhere.
a. Unemployed
f. Rolando is not working but he has submitted an application to work at the local grocery store and is available to start work immediately.
a. Unemployed
3. Use the following data to calculate (a) the labor force participation rate, (b) the unemployment rate, and
Complete all questions listed below. Clearly label your answers.
1. The receipts and year of release of the five movies with the largest nominal box office revenues, along with the CPI data of each year are presented below. Assuming that the receipts for each of the movies were derived during their year of release, convert the receipts for each to real dollars for the year 2010 (2010 CPI 230.1). Put the movies in order from largest to smallest real box office receipts and show your calculations for full credit.
Movies
Nominal
Box Office Receipts (millions)
Year Released
CPI in Year Released.
Avatar
$760.50
2009
214.5
Titanic
600.8
1997
160.5
Star Wars
461
1977
60.5
Shrek 2
437.2
2004
188.9
E.T. The Extra-Terrestrial
399.9
1982
96.5
1. Avatar- 214.5 / 230.1 x 760.5 = $708.94 million 2. Titanic- 160.6 / 230.1 x 600.8 = $419.07 million 3. Shrek 2- 188.9 / 230.1 x 437.2 = $358.92 million 4. E.T.- 96.5 / 230.1 x 399.9 = $167.71 million 5. Star Wars- 60.5 / 230.1 x 461 = $129.10 million
2. Classify each of the following as employed, unemployed, or not in the labor force.
a. Juanita has two part-time jobs but hopes to get one full-time job instead.
a. Employed
b. Bob teaches 1 class at the University at night and volunteers 20 hours a week at the hospital.
a. Employed
c. Jaime babysits her younger sister while her mother works.
a. Not in the labor force
d. Emma has submitted 10 applications for summer jobs but won’t be able to start work until 2 months from now. She is not working now.
a. Not in the labor force
e. Alex is 15 years old and hopes to find a part-time job soon but has not applied anywhere.
a. Unemployed
f. Rolando is not working but he has submitted an application to work at the local grocery store and is available to start work immediately.
a. Unemployed
3. Use the following data to calculate (a) the labor force participation rate, (b) the unemployment rate, and