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4. Does the GDP gap measure all of the costs of
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- Laos' total population is 300,000. There are 60,000 people under the age of 16 in Laos. Laos' Labour Force size is 180,000. Currently there are 150,000 members of the Labour Force working. 1. What is Laos Labour Force Participation Rate? 2. What is Laos' unemployment rate?2a. a. Define the term Gross Domestic Product (GDP)? What are the two ways tomeasure GDP? b. How is U-3, the standard measure of unemployment calculated? Critics state that this measure understates the true level of unemployment. Why? c. What is the cause of frictional unemployment? And structural unemployment?Which statement is CORRECT? Any person who can work and is of working age is considered part of the labor force. Core inflation uses a price index to measure inflation by excluding stock and real estate prices in its calculation. The Consumer Price Index is considered the best measure of long-term, underlying inflation. The purchase of flour by a bakery is not counted as GDP. A worker who is retired is considered unemployed. L Moving to the next question prevents changes to this answer. JUL 20 tv O □ A
- Question 1 If the unemployment rate is 10%, while the number of employed individuals is 900, what is the labor force? A. 810. B. 900 C. 990 D. 1000 Question 2 When an economy experiences INFLATION, which of the following measures of the GDP grows at a faster rate? A. Nominal GDP B. Real GDP C. None of the above, as both, Nominal and Real GDP measures expand at the same rate. Question 3 Consider the following ecnomy: Total Population = 1000 Total Adult Civilian (non-institutionalized) Population = 700 Number of people employed = 200 Number of people without jobs but looking for work = 80 What is the labor force participation rate in this economy? A. 28% B. 40% C. 70% D. None of the above Question 4 A Japanese firm manufactures cars in the US. Assume that each car sells for $20,000 to a consumer in the US. Also assume that from the sale of each car the Japanese manufacturer earns $2000 in profits and remits those to the holding company in Japan. Assume that the car is manufactured with…Which unemployment measure tells us if people are searching longer than usual to find a job? How do you know the number of people who work part-time for economic reasons? The _______ measure of unemployment tells us if people are taking longer than usual to find a job. _______ tells us the number of people who work part-time for economic reasons. A. U-1; U-2 B. U-1; U-6 minus U-5 C. U-2; U-6 minus U-5 D. U-3; U-23
- 49. Teenage unemployment rates tend to be a little lower than the overall unemployment rate. True False6. During the first three months of 2009, the number of American workers counted by the Bureau of Labor Statistics (BLS) as being employed decreased by 2,451,000 (that is, by almost 2 1/2 million) yet, over the same period, the number of American workers counted by the BLS as being unemployed increased by only 2,053,000 (that is, by just a little more than 2 million). a. Explain briefly (no more than a sentence or two) how these two numbers can be consistent with one another. b. In light of the two statistics given above, would you say that the rise in the unemployment rate from 7.2 percent to 8.5 percent during the first three months of 2009 overstates or understates the severity of the recession as felt by US workers?An economy has 100 peõple divided among the following groups: 25 have full-time jobs, 20 have one part-time job, 5 have two part-time jobs, 10 would like to work and are looking for jobs, 10 would like to work but are so discouraged they have given up looking, 10 are running their own businesses, 10 are retired, and 10 are small children. a. Calculate the labor force and the labor-force participation rate.
- 4. . The country of Bada has collected the following information: Population 240,000, Employed 180,000, Unemployed 30,000. Find Labor Force, Unemployment rate, Labor-force participation rate.1. What does gross domestic product (GDP) measure? 2. What is the difference between real vs.nominal GDP? 3. How is unemployment measured and what are the various types of unemployment?Full employment GDP will not be affected by? A. Unemployment rate B. Technological advance C. Population D. Inflation Rate
