(c) The GDP deflator is a price index that does not have a base period. Evaluate the reliability of estimating inflation from a price index that does not have a base period. (d) Using the following data on the US, calculate the size of the labor force, unemployment rate, and labor force participation rate for 2009 and 2018. Show your calculations and round off your answers to one decimal place. Number of individuals (millions) 2009 2018 Working-age population 236 258 Unemployed 14.3 6.3 I Employed 140 156

(c) The GDP deflator is a price index that does not have a base period. Evaluate the reliability of estimating inflation from a price index that does not have a base period. (d) Using the following data on the US, calculate the size of the labor force, unemployment rate, and labor force participation rate for 2009 and 2018. Show your calculations and round off your answers to one decimal place. Number of individuals (millions) 2009 2018 Working-age population 236 258 Unemployed 14.3 6.3 I Employed 140 156

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Table below provide the data of labour force, employment and working age population Labour Force…

A: Unemployment rate = [Unemployed / Labor force] * 100Labor force participation rate = [Labor force /…

Q: Change in GDP deflator: 36% Change in CPI : 35.0003% Although both GDP deflator and CPI are both…

A: GDP deflators refers to the measure of prices of newly produced goods and services in the economy in…

Q: norminal GDP real GDP 2000 13000 12900…

A: Formula: GDP Deflator = (Nominal GDP / Real GDP) *100. Inflation rate = {(Present year GDP…

Q: The nation of Kona cultivates coffee beans and cassava, from which all their consumer goods are…

A: A nominal wage, or money wage, is the precise amount of money you get paid per hour or per salary.…

Q: The value of the nominal GNP of economy was $ 6000 in a particular year. The value of the GNP of…

A: The GNP order the gross national product is the value of final goods and services that are produced…

Q: 1. You are given the following information for a country: Participation rate = 75%, Unemployment…

A: The unemployment rate as the name suggests is the rate at which unemployment is measured in the…

Q: (3)Consider a stylized three-commodity economy that produces haircuts, hamburgers and DVDS. The…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: example of CPI in todays economy (2022) -exmaple of GPD in todays economy (2022)

A: The Consumer Price Index, which measures the total change in consumer prices over time, is derived…

Q: GDP and inflation: Consider an economy that produces and consumes haircuts and cars. The next table…

A: Nominal GDP: This is calculated by multiplying the quantity of each good or service produced by its…

Q: From 2017 to 2018, nominal GDP The inflation rate in 2018 was , and real GDP Why is real GDP a more…

A: Nominal GDP measures the economic production at market prices in the current year.Real GDP measures…

Q: Use the chart below to calculate the growth rate in real GDP per Capita. Nominal GDP Population CPI…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: The working-age population is 24,500,000. Of these, 18,000,000 people had jobs. Of the remainder,…

A: People who are working are considered employed and people who are able and looking for a job are…

Q: Assume the total population is 3500. Of the total population, 1800 are working full-time. Of the…

A: Given information: Total population = 3500 Full time workers = 1800 Under 16 not working population…

Q: Consider the table below. Year CPI CPI Inflation Real GDP Nominal GDP GDP Deflator GDP…

Q: Unemployment and the Labor Force The table shows employment statistics for a fictional country. Use…

A: Employment is when people are employed in full-time or part-time roles, and are able to earn income…

Q: How do you complete the table?

A: In year 2003, we need to determine the LFPR (Labor Force Participation Rate) where LFPR is the ratio…

Q: Suppose that women's participation rate is60%, men's participation rate is70%, women's unemployment…

A: The unemployment rate, an important economic indicator,which measures the proportion of people in a…

Q: Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) 220 2019 2020 160 120 2021 2…

A: GDP or gross domestic product measures the money value of all final goods and services produced in…

Q: 1. In your opinion, what is the meaning of "high living standard"?

A: PLEASE AS PER THE BARTLEYBY HONOR CODE I AM ANSWEING FIRST QUESTIOON. PLEASE POST OTHER QUESTIONS…

Question

The GDP deflator is a price index that does not have a base period. Evaluate
the reliability of estimating inflation from a price index that does not have a
base period.
(c)
(d)
Using the following data on the US, calculate the size of the labor force,
unemployment rate, and labor force participation rate for 2009 and 2018. Show
your calculations and round off your answers to one decimal place.
Number of individuals (millions)
2009
2018
Working-age population 236
258
Unemployed
14.3
6.3
Employed
140
156

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Use the following to answer questions 1-6: Working Age Population Labor Force # of Employed 1. What is the number of unemployed in year 1 in Table 6.1? (A) 60 million. (B) 5 million. 3. What is the unemployment (A) 57.1 percent. Population and labor force data Year 1 140 million 80 million 65 million 2. What is the number of unemployed in year 10 in Table 6.1? (A) 17 million. (B) 78 million. 4. What is the unemployment (A) 86.3 percent. (C) 15 million. (C) 13 million. (B) A positive relationship. (C) No relationship. (D) A negative relationship. rate in year 1 in Table 6.1? (B) 46.4 percent. (C) 18.75 percent. rate in year 10 in Table 6.1? (B) 13.7 percent. (C) 51.3 percent. 5. What is the labor-force participation rate in year 1 in Table 6.1? (A) 9.3 percent. (B) 81.3 percent. (C) 46.4 percent. 6. What is the labor-force participation rate in year 10 in Table 6.1? (A) 59.4 percent. (B) 8.1 percent. (C) 86.3 percent. Year 10 160 million 95 million 82 million (D) 75 million. (D) 65…
None
national statistics office in announces that in April 2020, of all adult citizens in the country, 139455,000 were employed, 15260,000 were unemployed and 82814000 were not in labor force. Use this information and calculate the followings: The adult population The labor force The labor force participation rate The unemployment
Consider the table below Year CPI CPI Inflation Real GDP Nominal GDP GDP Deflator GDP Inflation 2005 94.27 x 4726.50 4480.00 94.78 x 2006 100.00 a 5090.50 d 100.00 5.50 2007 b 3.42 5430.85 5655.95 104.14 e 2008 117.18 c f 6887.00 117.34 12.67 Based on the values of the table, what is the value of f ? (Please round your answer to include 2 decimal places.)
Consider the table below Year Fruit Index Fruit Inflation Real GDP Nominal GDP GDP Deflator GDP Inflation 2005 93.34 x 4757.40 4452.00 93.58 x 2006 100.00 a 5121.40 d 100.00 6.86 2007 b 3.97 5543.05 5784.05 104.35 e 2008 112.32 c f 6701.80 113.60 8.87 Based on the values of the table, what is the value of c? (Please round your answer to include 2 decimal places.)
Calculate median income in 2000 (real) dollars for each of the 3 years. Suppose GDP in current (nominal) dollars and the GDP price index for the United States are as follows: Year 1990 2000 2005 GDP in current dollars (trillions) 6.0 10.0 15.0 Calculate GDP in 2005 (real) dollars for each of the 3 years. Price index [2000=100] 80 100 125
The United States GDP has been increasing over the decades but the share for workers of the GDP has decreased. Who is getting the bigger slice of the pie every year if it is not the workers? Is this a bad thing? Is this due to technology replacing workers?
Indexation is done using the CPI and is equivalent to measuring the real GDP. True O False
The following table contains unemployment statistics from 2013 for three different countries: Australia, the Netherlands, and France. (Source: “International Labor Comparisons.”Bureau of Labor Statistics) Fill in the table using the given data. Country Working-Age (Civilian Not in Civilian Employed Unemployed Unemployment Non-institutionalized) the Labor Force Labor Force (Thousands) (Thousands) Rate Population (Thousands) (Thousands) (Percent) (Thousands) Australia 18,332 6,196 12,136 11,501 635 Netherlands 13,629 4,796 8,364 469 France 22,411 25,547 2,824
The following table contains unemployment statistics from 2013 for three different countries: Canada, the United Kingdom (UK), and Italy. (Source: “International Labor Comparisons.”Bureau of Labor Statistics) Fill in the table using the given data. Country Working-Age (Civilian Not in Civilian Employed Unemployed Unemployment Non-institutionalized) the Labor Force Labor Force (Thousands) (Thousands) Rate Population (Thousands) (Thousands) (Percent) (Thousands) Canada 27,922 9,306 18,616 17,445 1,171 UK 50,473 18,487 29,439 2,547 Italy 26,365 22,620 2,744
My CPI numbers are way too big. I keep getting 500 and 400. What am I doing wrong? For year 2009 I added 2,000 for the hot dogs, plus 2,000 for the baseballs, plus 1,000 for the beer divided by 900 for the base year. And times 100.
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