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 2012 16,000 (b) 16,000 16,500 4. 2013 4 2014 4. (d) 3.5 2015 Instruction: Enter your responses as whole numbers. a. Actual unemployment rate in 2012: % b. Potential GDP in 2013: $| c. Real GDP in 2014: $
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- 2006 2006 2011 2011 Product Quantity Price Quantity Price Movies 20 $6.00 30 $7.00 Burgers 100 $2.00 90 $2.50 Bikes 3 $1,000.00 6 $1,100.00 Use the information to calculate (a)Nominal GDP of 2011 and (b)Real GDP in the year 2011 (Assume 2006 as the base year). (c)ls it ever possible for Real GDP to be higher than Nominal GDP of any year? when? ( 1-2 LINES ONLY)This question requires effective research to gather pertinent labor market statistics. Consider the source of your data. Official labor market statistics are gathered into “jobs reports” by the United States federal governmental agency: the Bureau of Labor Statistics or BLS. (6 points.)a. Find the following statistics on employment in January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: c. Find the changes in each statistics from January, 2021 to January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: d. Find the changes in each statistics from January, 2010 to January, 2011:Unemployment rate: Labor Force Participation Rate: Employed population: e. Briefly compare the severity of the two recoveries citing relevant statistics.The table below presents a brief summary of City Y’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend. Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.
- A small city has the following characteristics: Population (15+): 440000 Labour Force Participation Rate: 69% Unemployment Rate: 7% How many people are unemployed in this city? (Nearest whole number.)Assume an economy has a population of working age of 83 million and unemployment rate is 4%. Further, the average productivity of labour is 80,000 and the average mark-up in the economy (µ) is 5%. The wage-setting curve for this economy is given by real wage = 55,000 + 25, 000X, with X representing the employment rate. The labour market is in equilibrium. (a) Calculate the equilibrium real wage of the economy. (b) Calculate the employment rate of the economy. Calculate the number of employed workers in the economy. (d) s) Calculate the participation rate of the economy.The following table contains unemployment statistics from 2013 for three different countries: Australia, the Netherlands, and France. (Source: “International Labor Comparisons.”Bureau of Labor Statistics) Fill in the table using the given data. Country Working-Age (Civilian Not in Civilian Employed Unemployed Unemployment Non-institutionalized) the Labor Force Labor Force (Thousands) (Thousands) Rate Population (Thousands) (Thousands) (Percent) (Thousands) Australia 18,332 6,196 12,136 11,501 635 Netherlands 13,629 4,796 8,364 469 France 22,411 25,547 2,824
- The following table contains unemployment statistics from 2013 for three different countries: Canada, the United Kingdom (UK), and Italy. (Source: “International Labor Comparisons.”Bureau of Labor Statistics) Fill in the table using the given data. Country Working-Age (Civilian Not in Civilian Employed Unemployed Unemployment Non-institutionalized) the Labor Force Labor Force (Thousands) (Thousands) Rate Population (Thousands) (Thousands) (Percent) (Thousands) Canada 27,922 9,306 18,616 17,445 1,171 UK 50,473 18,487 29,439 2,547 Italy 26,365 22,620 2,744The table below shows the annual population and nominal total GDP for New Zealand. Based on the data, which of the following options are correct? Select one correct answer. 4 Year 2015 2016 New Zealand Key Figures GDP (Current US $) $ 178,064,471,137.92 $ 188,838,342,527.98 Population 4,609,400 4,714,100 O GDP per capita in 2016 was $40,058.20 GDP per capita fell by 3.70% in 2016 compared to the previous year O New Zealand's population and GDP both rose such that the overall GDP per capita growth rate was zero O GDP per capita rose by 3.56% in 2016 compared to the previous yearThe table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: 2. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 3. Calculate spending-to-GDP ratios in 2010 and 2020, respectively. *Results round to the nearest 2 decimal places. 2010 spending-to-GDP ratio: 2020 spending-to-GDP ratio: Interpret what the two spending-to-GDP ratios tell us about City A’s spending trend. 4. Assuming City A’s population grows at a constant rate in the next decade.…
- The tables below show data for two island nations, Arturia and Ringberg. Arturia Year 1 2 Nominal GDP Population GDP $100 $240 Deflator 100 120 20 25 (a) Calculate each of the following for Year 2. Show your work. (i) Real GDP per capita for Arturia (ii) Real GDP per capita for Ringberg Ringberg (c) Calculate each of the following in Year 2. Show your work. (i) The inflation rate in Arturia (ii) The inflation rate in Ringberg Year 1 2 Nominal GDP Population GDP $200 $300 Deflator 100 150 25 25 (b) If Arturia and Ringberg have the same velocity of money in Year 2, which nation must have the higher money supply in Year 2? Explain. (d) Based on your answer to part (c), if the nominal interest rate is the same for both nations in Year 2, which nation experiences the higher real interest rate in Year 2? Explain. (e) Ringberg produces consumer goods and capital goods. While maintaining full employment, Ringberg decides to allocate more resources to the production of consumer goods. What will…4. Key employment indicators from the household survey The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that about 6.6 million people were unemployed at that time. Use the information lists that follow the table to help you fill in the missing values in the table. Civilian noninstitutional population Civilian labor force Participation rate Employed Employment-population ratio Unemployed Official unemployment rate Unemployed 15 weeks or more U-1 labor underutilization Discouraged workers U-4 labor underutilization November 2016…The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 1947194819491950195121702070197018701770REAL GDP (Billions of dollars)YEAR Source: “Current-dollar and Real GDP,” Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls. Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1948, is known as . True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Industrial production declined. Consumer spending increased.…