In February 2020, 15,300 people were employed, 2,700 were unemployed, and 7,000 people were not in the labor force.During March 2020, 160 people lost their jobs and didn't look for new ones, 140 people quit their jobs and retired, 800 unemployed people were hired,100 people stopped looking for jobs and quit the labor force, and 700 people entered the labor force to look for work.a. Calculate for February 2020i. The unemployment rateii. The employment-to-population ratiob. Calculate for the end of March 2020i. The number of people unemployedii. The number of people employediii. The unemployment rate Assume that the factors affecting the aggregate expenditures of the sample economy, which are desired consumption (Cd), taxes (T), government spending (G),investment (Id) and net exports (NXd) are given as follows:Cd = 600+0.6 YD, T= 100 +0.2Y, G = 400, Id = 300, NXd = 200 - 0.1Y.(a) According to the above information, explain in your own words how the tax collection changes as income in the economy changes?(b) Write the expression for YD (disposable income).(c) Find the equation of the aggregate expenditure line. Draw it on a graph and show where the equilibrium income should be on the same graph.(d) State the equilibrium condition. Calculate the equilibrium real GDP level.(e) What is the value of expenditure multiplier in this economy?If the government expenditure increases by 100 (i.e. AG=100), what will be the change in the equilibrium income level in this economy?What will be the new equilibrium level of real GDP?(f) Suppose that the potential GDP in this country is 3000. What is the output gap?How much should government change its spending (i.e. AG=?) to close the output gap?

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uary 2020, 15,300 people were employe . 2,700 were unemployed, and 000 people wer not in The labor for During March 2020, 160 people lost their jobs and didn't look for new ones, 140 people quit their jobs and retired, 800 unemployed people were hired 100 people stopped looking for jobs and quit the labor force, and 700 people entered the labor force to look for work. a. Calculate for February 2020 1. The unemployment rate ii. The employment-to-population ratio b. Calculate for the end of March 2020 1. The number of people unemployed ii. The number of people employed ii. The unemployment rate

uary 2020, 15,300 people were employe . 2,700 were unemployed, and 000 people wer not in The labor for During March 2020, 160 people lost their jobs and didn't look for new ones, 140 people quit their jobs and retired, 800 unemployed people were hired 100 people stopped looking for jobs and quit the labor force, and 700 people entered the labor force to look for work. a. Calculate for February 2020 1. The unemployment rate ii. The employment-to-population ratio b. Calculate for the end of March 2020 1. The number of people unemployed ii. The number of people employed ii. The unemployment rate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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