Answered: Explain how the unemployment rate is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hi can you please help me to solve the following two questions? Please show all working out

a)Explain how the unemployment rate is calculated and how the data are gathered.

b) Consider the following equation:
Δu୲ = −0.4(g୲ − 3%)
where
Δu୲ is the change in unemployment (in percentage points) g୲
is the growth rate of GDP in percent
Identify the equation, explain the mechanisms underlying it and discuss its relevance
(or otherwise) to the recent pattern of UK unemployment, including during the covid
crisis.

The figure below shows the UK unemployment rate from January1983 to October 2020.
FRED
Harmonized Unemployment Rate: Total: All Persons for the United Kingdom
12
11
10
8
7
4
1985
1990
1995
2000
2005
2010
2015
2020
Percent
9.

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