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a. Explain concisely whether the following statement is true or false:
“The
citizens” (850–1000 words)
b. In as much detail as possible, explain the Circular Flow Diagram for a Four (4) sector
economy. (850–1000 words)
c. Explain three (3) costs of
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- Suppose the real GDP of an economy is $400 billion dollars and its unemployment rate is 6%.If the natural rate of unemployment is estimated at 3%, what is the value of the country’s potential GDP (LAS) in billions of dollars?Value of the country’s potential GDP (LAS) is $ billion. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.1) Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150 (besides under 16); unemployed, 23; part-time workers looking for full-time jobs, 10. No discouraged workers A) What is the size of the labor force?. B) What is the official unemployment rate (U3) (Number-NOT definition)? c) What is the U6 rate (Number-NOT definition)? D) Labor Force Participation Rate (Number-NOT definition? 2) There following information is found for unemployment: Structural 5% Cyclical = 2% U3= 8% A) What is the other frictional unemployment rate (Number-NOT definition)? B) Is the economy at full employment? Why or why not? C) What is the natural rate of unemployment (Number-NOT definition)?Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 for Barbados. (a) Examine the data for Bahama from 2009 to 2018. What relationship (positive, negative, none) do you observe between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables Relationship Justification (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period (b) Rank the three economic variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at 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…
- Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical. Natural Actual Potential GDP Unemployment Unemployment Rate (%) Year Real GDP Rate (%) (a) 15,040 15,800 (c) 17,160 16,000 (b) 16,000 16,500 2012 4 2013 4 4 :38 2014 4 3.5 2015 (d) Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2012: b. Potential GDP in 2013: $ C. Real GDP in 2014: $ Instructions: Enter your response rounded to one decimal place. d. Natural unemployment rate in 2015: in ( Prev 23 of 25 Nexta) Following data from the labour department of Country X is provided In Millions Total Civilian Population 340 Employed Workers 123 People not looking for work 48 People incapable of work 23 Using the table above, calculate the unemployment rate. b) Based on the information given in the table below, calculate the value of Net Domestic Product (NDP) of Country X. ITEM $(millions) Household Consumption 2,780 Depreciation of capital goods 365 Factor income received from abroad 580 Government investment 824 Exports 663 Imports 790 Factor income paid to abroad 525 Gross private domestic investment 894 Government Consumption 347 Transfer Payments 1,109 c) What is the difference between 'flow' and 'stock'? d) Explain three shortcomings of using GDP to measure the size of the economy.Economic variables are sometimes divided into “leading indicators” and “lagging indicators.” Leading indicators are variables that start to change before an economic expansion or contraction. Lagging indicators change only when an expansion or contraction is well underway. Based on the graph of the unemployment rate, is unemployment a leading or lagging indicator of recessions? Explain. How can we use this information when providing advice to a company that sells goods to consumers?
- Macro Exam 1 Uploaded Section 1. a) If population 16 or older in Germany is = 70,159,000 and labor force participation rate (LFPR) = 56.43%, what is the size of the labor force? b) In 2016, there were 7.7 million unemployed and 151.4 million employed workers in United States. Calculate the unemployment rate in 2016. Show all your calculations for full credit.Question # 2 a) Suppose the number of employed people in Pakistan is 20.5 million. The unemployment rate in this economy is 8.8 percent, and the labor force participation rate is 65 percent. i) What is the size of the labor force and working-age population? ii) How many people are unemployed? b: Explain and analyze different government policies which affect the unemployment rate in Pakistan? ( Maximum 200 words). c: Before June 2020, the labor market in Pakistan was at equilibrium with an equilibrium wage (WE) of Rs. 15,000 and equilibrium quantity of labor (LE) 10 million. In the last week of June, 2020, government of Pakistan imposed a minimum wage Act raising the minimum wage to Rs. 20,000. Using a graph, explain the effect of imposition of minimum wage on unemployment in labor market of Pakistan.Question 2Explain each of the four types of unemployment. Explain how Statistics Canada measures the actual unemployment rate for Canada for a given year. Why does every economy have a natural rate of unemployment (NRU)? Can the actual unemployment rate measured by Statistics Canada be greater or lesser than the NRU? If so why?
- Which of the following statements is incorrect? a. A decrease in the labor participation can make the unemployment rate decline. b. When the BLS puts out Employment Situation report each month, it also provides the results about employment, hours worked, and employee earnings from Establishment Survey. c. Every month, the BLS computes the unemployment rate based on a survey of about 60,000 households (Current Population Survey). d. The broadest measure of labor underutilization, known as u6, is the sum of total unemployed, marginally attached workers, and part time workers for economic reasons as a percent of the civilian labor force. e. None of the above are incorrect.Prepare a table and line graph comparing the unemployment rate for 2009 – 2018 for Jamaica and Barbados Discuss the relationship observed between the countries. Explain THREE specific reasons that could account for the differences observed in the unemployment rate in these countries. The use of real-world examples is required. [HINT: Ensure that the reasons provided, examples and explanations are relevant and specific to the difference you are seeing between your two countries] Explain THREE policies/strategies that can be implemented by the government to improve the accuracy of labour force statistics.Prepare a table and line graph comparing the unemployment rate for 2000-2019 for Dominican republic and Barbados. Include reference. Discuss the relationship observed between the countries. Explain THREE specific reasons that could account for the differences observed in the unemployment rate in these countries. The use of real-world examples is required. [HINT: Ensure that the reasons provided, examples and explanations are relevant and specific to the difference you are seeing between your two countries] Explain THREE policies/strategies that can be implemented by the government to improve the accuracy of labour force statistics.
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