12. What are the three primary measures used in macroeconomics to assess the performance of aneconomy?1)2)work and actively seeking work. The opportunity cost of (of goods and services that could have been produced if the unemployed workers would have worked.) provides an overall indicator of output or production in the economy_) is the state a person is in if he or she cannot get a job despite willing to) is the production_) tracks the overall increase in the level of prices in the economy. Each3) (measure is important for tracking the short-run and long-run health of the economy and for creatingmacroeconomic models to address important policy questions.

Macroeconomics: - it is the study of various economic decisions taken on the account of the whole…

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ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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3) a. In general, unemployment rates are higher for workers in lower-skilled occupations, Hispanics, women, and less-educated workers. less-educated workers, African Americans, workers in lower-skilled occupations, and women. African Americans, Hispanics, workers in lower-skilled occupations, and less-educated workers. African Americans, Hispanics, women, and less-educated workers. b. The average length of time people are unemployed rises during a recession because most workers receive unemployment compensation and don’t want to work. retraining takes longer during recessions. unemployment compensation is equal to what people would earn if they were working. businesses continue to lay off workers as a result of the decrease in demand.
2 The standard definition of a “recession” is Select one: a. two or more consecutive quarters of falling Real GDP. b. the lowest point in a business cycle. c. the declining production phase of a business cycle
13. Please solve subparts A,B max in 25-30 minutes about Macroeconomics thank u
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11) Explain what is meant by ‘involuntary unemployment’ and how economists from different schools of thought might address it?
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They are dissatisfied with their current jobs and are considering quitting. They have given up on looking for a job. They are counted as part of the labor force by the Bureau of Labor Statistics. They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. The following table contains U.S. employment information from August 2018. Civilian Population (Persons 16 years old and over) 258,066,000 Employed Unemployed (Persons) (Persons) 155,604,000 6,197,000 Unemployed+Discouraged U-4 = 100 X Labor Force + Discouraged Discouraged (Persons) 434,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows:
Which of these issues falls into the scope of microeconomics? a. The impact of interest rates on household purchases b. The impact of interest rates on gross domestic product c. The movement of the aggregate demand curve once interest rates rise d. The effect of an increase in interest rates on the price level
2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. They are dissatisfied with their current jobs and are considering quitting. They are counted as part of the labor force by the Bureau of Labor Statistics. They are employed workers who want to earn higher wages.
18. Why does Employment Insurance cause unemployment? (A) It increases the price of labour by mandating a minimum. (B) It incentivizes the unemployed to remain so. (C) It reduces the demand for labour. (D) It releases currency into the economy.
change in real GDP arising from the $700 billion in payments. b. Illustrate the effect on real GDP with the use of a graph depicting the income-expenditure equilib- rium. Label the vertical axis "Planned aggregate spending, AEplanned" and the horizontal axis "Real GDP." Draw two planned aggregate expenditure curves (AEplanned1 and AEplanned2) and a 45-degree line to show the effect of the autonomous policy change on the equilibrium.
43. Which of the following variables does NOT cause business cycles, according to classical economics? (A) Technological growth. (B) Immigration. (C) Capital accumulation. (D) Money supply. 44. Suppose that there is a sudden fall in consumption. What happens to the economy in the long-run? (A) A fall in output and a fall in prices. (B) A rise in prices. (C) A rise in output. (D) A fall in prices but not in output.
1. Suppose you are given the following data for a small economy: Number of unemployed workers: 1,000,000. Labor force: 10,000,000. Based on this data, answer the following: What is the unemployment rate? Can you determine whether the economy is operating at its full employment level? Now suppose people who had been seeking jobs become discouraged, and give up their job searches. The labor force shrinks to 900,500 workers, and unemployment falls to 500,000 workers. What is the unemployment rate now? Has the economy improved? 2. Nominal GDP for an economy is $10 trillion. Real GDP is $9 trillion. What is the value of the implicit price deflator? 3. Suppose you compare your income this year and last year and find that your nominal income fell but your real income rose. How could this have happened? 4. Suppose that people expect inflation to equal 3 percent, but in fact prices rise by 5 percent. Indicate whether this unexpected higher rate of inflation would help or hurt…

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