(a) Assume that you are an economic advisor to our Prime Minister. The prime ministers ask you to design a program to reduce the amount of unemployment in Malaysia. What major elements would you include in your plan? Justify your answer. (b) Study the given table and answer the following questions. Year Labor force Employment (thousand) 5790 (thousand) 6350 6850 7042 7241 7441 2017 2018 6290 6686 6926 7148 2019 2020 2021 (a) Calculate the unemployment rate for years 2017 to 2021. (b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?

(a) Assume that you are an economic advisor to our Prime Minister. The prime ministers ask you to design a program to reduce the amount of unemployment in Malaysia. What major elements would you include in your plan? Justify your answer. (b) Study the given table and answer the following questions. Year Labor force Employment (thousand) 5790 (thousand) 6350 6850 7042 7241 7441 2017 2018 6290 6686 6926 7148 2019 2020 2021 (a) Calculate the unemployment rate for years 2017 to 2021. (b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?

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 5. Unemployment (a) A country labor force is 18. There are 8 children, 1 active duty servicemember, and 9 retirees over age 67. The labor force participation rate is 58%. Find the country's population. Show work. (b) In the country from (b), in addition to the 8+1+9 people, 4 more don't have jobs. Of the four, two are looking. Find the country's unemployment rate. (c) A country is undergoing a jobless recovery and one person falls victims to it. The country's labor supply indicators pick it up: both the unemployment rate and the labor force participation drop. Determine if the person is discouraged from job searching or is underemployed. Motivate your answer using the labor supply categories. Be concise and to the point.
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