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Question Id #418

Value $ 3 Economics

 

From Economics,Macro Economics

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Asked on Feb 13, 2012 at 12:13 am

Posted  
RahulJain
Question Asked: 347
 
 
Q :

 

 

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; unemployed, 23; part time workers looking for full time jobs, 10. What is the size of the labor force? What is the official unemployment rate?

2. Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in that year, how much output is being forgone because of cyclical unemployment?

3. If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation? What term do economists use to describe this second outcome?

4. If your normal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase? If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation?

   
 
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Posting Id #  341

 

Value $ 3 Macro Economics

 

• Posted on Feb 13, 2012 at 12:13 am


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Posted By  
RahulJain
Tutorial(s) Posted : 359
Rating 5.0/5
   
A :

 

 

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; unemployed, 23; part time workers looking for full time jobs, 10. What is the size of the labor force? What is the official unemployment rate? 
Labour force 
=Total Population- ( Population under 16+Not in labor force) 
=500-(120+150) 
...


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