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1.Gross Domestic

Product
Explain the difference between nominal GDP and real GDP.
2.Unemployment Name and explain the three types of unemployment.
3.Inflation
Name and explain the two types of inflation.

Use the following information to answer the questions:
Total Population: 500

Population under 16 years of age or institutionalized: 120

Not in labor force: 150

Unemployed: 23

Part-time workers looking for full time jobs: 10

a)What is the size of the labor force?
b)What is the official unemployment rate?

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