• 4. At the peak of the Covid-19 pandemic, TURKSTAT announced that the unemployment rate fell to %12.8 from %13 in April 2020. By referring to the formula of the unemployment rate, explain in words how a drop in the unemployment rate is possible while the economy was undergoing a severe recession.

• 4. At the peak of the Covid-19 pandemic, TURKSTAT announced that the unemployment rate fell to %12.8 from %13 in April 2020. By referring to the formula of the unemployment rate, explain in words how a drop in the unemployment rate is possible while the economy was undergoing a severe recession.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(a) Suppose during a year working-age population increased by 1%, labor force participation decreased by -3%, and the number of unemployed people increased by 4%. (Note: these numbers are rates of growth of the corresponding variables.) By how much did the unemployment rate increase or decrease? "
In an economy with an adult population of 120 million, total employment of 90 million, and unemployment of 10 million people, the unemployment rate is _____ percent.
1. The table below reports the unemployment rate, labor force participation rate, and (working-age) population for the United States in January 2008, 2011, and 2016. Using the data, answer the following questions. a) What was the size of the labor force at the start of each year? b) How many people were officially unemployed at the start of each year? c) What about these numbers may cause some concern even though the unemployment rate to start 2016 was a notch below the unemployment rate in 2008 as the economy was entering the Great Recession? Unemployment Rate Labor Force Participation Rate Working-age Population 2008 5.0% 2011 9.1% 64.2% 2016 4.9% 66.2% 234m 62.7% 251m 238m
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QUESTION 13 "Consider the labor market in year 2021 but now assume that wages are totally rigid and cannot adjust during 2021. In this year business owners predict low sales for the years to come. As a result, they reduce labor demand. Draw the new equilibrium in a diagram and label it as point C. Use the following equations to find the new equilibrium: LD-70.000-w, LS-b+2w, where b-10,000. What is the unemployment rate? Keep in mind that wages are totally rigid and use the diagram to help you understand what is going on." 43 percent 22 percent. O 20 percent None of the other options
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