Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical Natural Unemployment Rate () Year 2015 2016 2017 2018 Potential GDP Real GDP 7,520 8,000 (c) 8,332 Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: 6% b. Potential GDP in 2016: $ 8000 c. Real GDP in 2017: $1 8,000 (b) 8,150 8,250 3 3.5 4 (d) Actual Unemployment Rate () Instructions: Enter your response rounded to one decimal place. write d. Natural unemployment rate in 2018: % (a) 3.5 3 3.5

Using Okun's law, fill in the four pieces of missing data in the table below. All of the following data are hypothetical Natural Unemployment Rate () Year 2015 2016 2017 2018 Potential GDP Real GDP 7,520 8,000 (c) 8,332 Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2015: 6% b. Potential GDP in 2016: $ 8000 c. Real GDP in 2017: $1 8,000 (b) 8,150 8,250 3 3.5 4 (d) Actual Unemployment Rate () Instructions: Enter your response rounded to one decimal place. write d. Natural unemployment rate in 2018: % (a) 3.5 3 3.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Based on the information in the table below, calculate the unemployment rate: Total adult population over the age of 16 83 million Total in the labor force 63 million Total Employed 60 million Total Unemployed 3 million Total out of the labor force 20 million A)75.9% B) 4.76% C) 31.7% D) 3.61%
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%)whereΔu୲ is the change in unemployment (in percentage points) g୲is the growth rate of GDP in percentIdentify the equation, explain the mechanisms underlying it and discuss its relevance(or otherwise) to the recent pattern of UK unemployment, including during the covidcrisis.
1.Which of the two counties currently has a higher unemployment rate? How much higher is it than the other? 2.Has that county always had a higher unemployment rate (during the entire length of the FRED data)? If not, when was the last time the other county had a higher unemployment rate? 3. Is there any other takeaway or conclusion you notice by comparing the two graphs?
Use the data below that describes a nation’s population to answer the following questions: a) How many people are unemployed each year? b) How many people are employed each year? c) What impact would a recession have on the full-employment rate of unemployment of 4.0%? Year 1 Year 2 Population 330 million 335 million Labor Force 170 million 175 million Unemployment rate 7 percent 6 percent
question b please thank you
Use the following data to calculate the unemployment rate. and answer the questions below total adult population = 256,436 persons under 16 = 75,126 total U.S. population = 332,568 # people working= 162,128 retirees = 85,745 total labor force = 172,476 discouraged workers = 15,546 part-time employed = 23,854 1. What is the unemployment rate? 2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed. 3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.
1. The table below reports the unemployment rate, labor force participation rate, and (working-age) population for the United States in January 2008, 2011, and 2016. Using the data, answer the following questions. a) What was the size of the labor force at the start of each year? b) How many people were officially unemployed at the start of each year? c) What about these numbers may cause some concern even though the unemployment rate to start 2016 was a notch below the unemployment rate in 2008 as the economy was entering the Great Recession? Unemployment Rate Labor Force Participation Rate Working-age Population 2008 5.0% 2011 9.1% 64.2% 2016 4.9% 66.2% 234m 62.7% 251m 238m
7
This is a graph of 3 measures of unemployment from the period just before the great recession to just before the covid 19 recession The red line, is the unemployment rate including discourage workers and workers marginally attached to the labor force. The Blue line is the unemployment rate as measured by the BLS The Green line is the Natural rate of unemployment, the target rate, the NAIRU. The gray bar represents the recession of 2008, and the subsequent recovery of the economy afterwards. This was evidenced by a gradual increase in GDP. Is the pattern of all 3 series what you would expect in terms of the behavior of all 3. Provide reasons for your answers.Your answer should include reference to AD/AS or the AE model.
Assume the following described the population in The Bahamas when the unemployment survey was conducted in June 2019. i. There were 100,000 full-time workers and 50,000 part-time workers who prefer full-time work. ii. 15,000 persons were actively looking for work and not working. iii. 10,000 full-time college students iv. 5,400 adults not looking for work. v. 3,000 discouraged workers. a. Calculate the official unemployment rate. b. Suppose 3,000 persons, because of positive economic news, started actively looking for work of which 1,000 found jobs. At the same time, 2000 new high school graduate enter the labor force. What impact will this have on the unemployment rate? c. What are the factors that make it hard to determine the unemployment? rate?. Multi Line Text.
Below are some employment data from the country Commagene. 2018 2019 2020 Number of Employed Number of Unemployed Number of Out of Labor Force Unemployment rate Labor Force Participation rate 99 110 63 30 330 217 70 30% y 50% a) Using the information given in the table for year 2018, find the values of x and y. b) Using the information given in the table for year 2019, find the values of z and w. c) Using the information given in the table for year 2020, find the values of p and r.
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of discouraged workers 2 million (c) Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. (d) Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work.