eco403 assignment no 2 idea solution required

[Xpert]

The Case:
Ghana is an under developed country located in West Africa. English is the core
language of the people of Ghana. Population of Ghana can be broadly divided into
three groups i.e. Muslims, Christians and Hindus. Suppose in the year 1996, out of
total population of Ghana, 70 billion of people were employed and 7 billion were
unemployed. Whereas in year 1997, out of the total population, 67 billion people were
employed and 10 billion were unemployed. During these two years, people of Ghana
produced and consumed only four commodities i.e. Cocoa, oil, cloth and diamond.
Following table shows the price and quantity of these four commodities in the year
1996 and 1997.
1996 1997
Commodities
Price (Rs) Quantity Price (Rs) Quantity
Oil 10 100 11 120
Cocoa 1 50 1 70
Cloth 7 150 9 15
Diamond 35 110 40 120
Requirements:
With the help of above data, calculate Ghana’s:
A. Nominal GDP for 1996 and 1997
B. Real GDP for 1996 and 1997
C. Labor force for year 1996 and 1997
D. Unemployment rate of the year 1997
Note: Use 1996 as base year where required.
(Marks = 6+6+1+2)