What is the unemployment rate in an economy where theentire adult population can be categorized as follows:• 32 million people employed• 2 million people unemployed• 1 million discouraged workers, and• 1 million people who are either students,homemakers, retirees, or other people not seekingemployment.6.3%5.6%5.9%4.8%

The unemployment rate in the economy measures the portion of the labor force that is willing and…

Answered: What is the unemployment rate in an…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The figure below shows the wage-setting curve and the real wage w*. Which of the following statements is correct? Real wage 0.5 1 O O Wage-setting curve Select one: O O 1 0.76 Share of the working-age population a. The unemployment rate is 5%. b. The participation rate is 76%. Labour force 0.8 c. The employment rate is 95%. d. 4% of the population is unemployed.
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b. The following table shows the price index of various sub-index of CPI in May 2014 and May 2015: 1 2 3 4 LO 6 7 8 9 Item Food Housing Electricity, gas and water Alcohol and tobacco Clothing and footwear Durable goods Miscellaneous goods Transport Miscellaneous services Price Indices in Price Indices in May 2014 May 2015 128.4 173.4 156.2 158.4 133.3 135.7 118.5 138.4 109.4 110.5 120.5 118.4 128.6 119.7 134.1 136.3 125.9 113.8 i. Compute the inflation rate of each item in the table. ii. If your family income is relatively low, do you better of for worse off in May 2015? Explain why.
The following graph shows the weekly market for craft beer in some hypothetical economy. Suppose the government levies a tax of $40.60 per case. The tax places a wedge between the price buyers pay and the price sellers receive. PRICE (Dolars per case) 200 180 160 140 120 100 80 60 40 20 0 + Buyers Sellers Demand Before Tax After Tax Tax Wedge Supply 0 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Cases of craft beer) Complete the following table by filling in the quantity sold, the price buyers pay, and the price sellers receive before and after the tax. Quantity Price Buyers Pay (Cases of craft beer) (Dollars per case) Price Sellers Receive (Dollars per case) Using your answers from the previous table, calculate the tax burden that falls on buyers and on sellers, respectively, and calculate the price elasticity of demand and supply over the relevant ranges using the midpoint method. Enter your results in the following table. Tax Burden (Dollars per case) Elasticity The tax burden…
Unemployed 17 Total Population 185 Full time Workers Discouraged Workers 14 Part Time Workers Refer to the above information. Figures are in millions. The unemployment rate in this economy is: O 12.1 percent O 13.7 percent O 15.5 percent O 12.5 percent O 13.4 percent 90 20
3
The previous year had an unemployment rate of 14.1%, nominal GDP of $28.9 trillion, and real GDP of $26.1 trillion. If the unemployment rate changes to 18.6% and overall price levels remain constant, which choice below could be the current year nominal GDP? O $39.3 trillion O $39.2 trillion $39.1 trillion O $28.0 trillion
54
In the Okun's Law equation u - ut-1 = -0.4(gy - 3%), for the unemployment rate to fall by 2%, national income needs to grow at O 8% O 6% O 9% O 5%
7
The cost of the CPI basket in base-period prices is $200 and the cost of the CPI basket in current-period prices is $450. The CPI in the current year is O 450. O 225. O 300. O 250. O 44,44,
2014 2015 Item Quantity Price Price 4 €5.00 €7.50 Y €3.00 €3.00 4 €1.00 €1.50 The information in the table above gives the 2014 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2015 prices. What is the value of the CPI for 2015? О 133 O 140 O 100 O 75

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