Question

Why we measure GDP in Dollars ? What is the formula for calculation of employment rate...

Why we measure GDP in Dollars ?

What is the formula for calculation of employment rate ??? Its formula is different in different books. One book writes it employed people divided by labor force another writes it employed people divided by population. I'm very Confused with it.

Haider Ali From Lahore, Pakistan

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Homework Answers

Answer #1

1) For numerous historical reasons (most importantly the Bretton Woods System), the dollar acts as the de-jure currency for global transaction. Thus as US dollar is the dominant currency thus for majority people their second "favorite" currency after their own nation's currency is the dollar. Besides being the most popular currency, is termed to be the most stable currency because the economy of US is so huge that it is mostly unaffected by shocks from other currencies. The dollar's price of the dollar doesn't change quickly under external influence thus as result is preferred to measure GDP.

2) Employment rate is the ratio of the employed to the working age population thus computed as:

Number of employed / Working age population

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