6. Use the data below to answer the ensuing questions. Show your work.ItemValueUnemployment RateLabour Force Participation Rate10%70%Not in Labour Force300,000 persons(a) How many people are in the labour force?(b) How many people are unemployed?(c) What is the total adult population in this economy?

Answered: Image /qna-images/answer/5d973996-5a0e-44a2-a836-bfe130fa1984.jpg

Answered: 6. Use the data below to answer the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 3 (a) What do you understand by the terms recession, trough, and recovery? How does the change in the unemployment rate relate to business cycle? (b) What is the difference between real GDP and nominal GDP? Discuss factors that affect the income level of a country.
"Australia has aimed to achieve full employment by implementing various employment and labor market programs". Achieving full employment would indicate that: A. Everyone in the Australian economy has a job. B. There is no unemployment in the economy. c. Australia has reached the level of employment where all workers are fully utilized, and there is no cyclical unemployment. D. Only a small percentage of the Australian workforce is unemployed.
QUESTION ONE (a) The table below shows the average monthly salary in Kenya Shillings and the respective consumer price index: Consumer Price Index Year Monthly Salary Index (CPI) 2005 20000 150 85.7 2006 21500 175 100 2007 22700 205 117 2008 23500 215 122 (i) Calculate real income and explain whether or not the material welfare of the individual improved over the five years. Calculate the deflated average salary after changing the base year from 2006 to 2008. (ii) (b) Giving examples, differentiate between open ended questions and closed ended questions. (c) Explain what is involved in piloting of a questionnaire.
25) The amount by which potential GDP exceeds actual GDP is one meas (a) natural rate of unemployment. (b) aggregate cost of unemployment. (e) difference between real and nominal GDP. (d) difference between real and nominal income. anamnloyment rate
A-C pls
1. Individuals with less than a high school diploma a. Have lower unemployment rates and higher earnings than those with a college degree. b. Have higher unemployment rates and higher earnings than those with a college degree. c. Have lower unemployment rates and lower earnings than those with a college degree. d. Have higher unemployment rates and lower earnings than those with a college degree.
4. In our country the participation rate is 60% and the unemployment rate is 10%. If the number of peopl able to work is 20 million then the number of unemployed will be: A. 12 million. C. 10.8 million E. 1.2 million B. 8 million D. 2 million
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5. The total population is 98.4 million. The participation rate is 77.9%. The population employed is 49.8 million and the unemployment rate is 11.1%. a. How many people are in the labour force? b. How many are unemployed? c. How many people are in the civilian noninstitutional population?
8. T/F/U. The unemployment rate given that the number of employed workers is 180.5 million the number of non-working citizens is 76.856 million and the number of individuals no longer working and looking for a job is 70.8 million
(a) examine the data for Jamaica 2009 - 2018. What relationship (positive, Negative, none) do you OBSERVE between (i) economic growth (ii) economic growth and inflation (iii) unemployment and inflation over the period Jamaica data (year 2009 - 2018) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 unemployment rate 11.36 12.37 12.70 13.93 15.25 13.74 13.51 13.19 11.63 9.10 inflation rate 9.59 12.61 7.56 6.89 9.34 8.27 3.69 2.35 4.38 3.74 Economic rate -4.35 -1.46 1.73 -0.61 0.52 0.69 0.92 1.38 1.00 1.89 (b). rank three economic variables from most important to least important. Provide one relevant reason to justify your selection for EACH of the three position (i.e. a reason why each variable is placed at the position 1, 2 and 3) Rank Variable justification 1 2 3 (c). "Many believe that the main objective of government economic policy should be to increase productivity and economic growth" Using the data above and economic knowledge,…
Question 2 Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017? Part (b) Assume for an economy, there are 11.5 million people employed, unemployment rate is 5.2%, labor force participation rate is 64%, number of defence force personnel

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