Suppose the following data describe a nation's population: Year 1 Year 2 Population 500 million 520 million Labor force 270 million 280 million Unemployment rate 5 percent 5.5 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1 million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: million
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- Suppose the following data describe a nation's population: Year 1 Year 2 Population 320 million 330 million Labor force 150 million 160 million Unemployment rate 6 percent 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1: million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: millionAmong the determinants of a country's standard of living, over: O long periods, long-run growth is just as important as the business cycle. short periods, long-run growth is less important than the business cycle, O long periods, long-run growth is much more important than the business cycle. O long periods, it is difficult to determine whether the business cycle or long-run growth is more important.Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 2: Year 1 320 million 150 million 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1: million Year 2: million Year 2 330 million 160 million 6 percent b. How many people are employed in each year? Year 1: million million Q Search PRE W
- Between January 2012 and January 2019,U.S. employment increased by 17.3 million workers,but the number of unemployed workers declined byonly 6.3 million. How are these numbers consistentwith each other? Why might one expect a reductionin the number of people counted as unemployed tobe smaller than the increase in the number of peopleemployed?Scenario: The unemployment rate in Country Y is 6 percent, and the labor force is equals about 200 million people. Who is considered part of the 6 percent of unemployed workers in Country Y? A. John, who is taking a year off to travel after college B. Amanda, who works 20 hours per week at a coffee shop but wants to work full time C. Peter, an engineer who became a stay - at - home husband after his start- up company went bankrupt, but he wants to find a new engineering job D. All of the aboveThe figure below shows data points for real GDP growth and the change in the unemployment rate for 24 different years in Brazil. Brazil (1990-2013) 6. y= -0.1183x +0.4161 R = 0.2247 2009 -2 -6 -10 6. Real GDP growth (%) Based on the figure, which of the following statements is true? O The unemployment rate increased in all the years that real GDP growth was negative. O Okun's Law appears to be true in Brazil The largest decrease in the unemploymont rate was during 2009, The equation for the line of best ht predicts that unemployment won't change when real GDP growth is ON 4. NON Change in unemployment rate (%)
- A country produces only sugar and wheat in the quantities and prices listed below. The GDP deflator is given by Nominal GDP/Real GDP *100. If 2018 is the base year, i. What is the GDP deflator for years 2019 and 2020? Show your workings ii. What is the inflation rate year 2019-2020? Show your workings Year Price of sugar Quantity of sugar Price of wheat Quantity of wheat 2018 $2.00 200 $10 40 2019 $2.30 250 $14 50 2020 $2.75 280 $18 80Suppose 25,000 persons become unemployed. You are given the following data about the length of unemployment spells in the economy:Duration of Spell (in months) Exit Rate1 0.602 0.203 0.204 0.205 0.206 1.00where the exit rate for month t gives the fraction of unemployed persons who have been unemployed t months and who “escape” unemployment at the end of the month.a. How many unemployment-months will the 25,000 unemployed workers experience?b. What fraction of persons who are unemployed are “long-term unemployed” in that their unemployment spells will last five or more months?c. What fraction of unemployment months can be attributed…what does it mean when mentioning added worker and discouraged worker effect when talking about a economic downturn?
- In 2019 in the United Kingdom, the adult population was about 65 million, the labour force participation rate was 60 percent, and the unemployment rate was 6 percent. What was the approximate number of people unemployed? a. 2.3 million b. 0.7 million c. 1.7 million d. 6.5 millionWho would be considered unemployed? O an 80-year old who quit working two decades ago a recent college graduate without a job who just had a job interview O an adult who stays home and takes care of an elderly relative O a college student who is not working and is not looking for a job Which of the following was used to drive growth in the former Soviet Union? O more capital more technology O more markets 7 Which group has the lowest unemployment rate? O those without a high school degree O those with a high school degree O those with a college degreeSuppose 35 000 000 people are in the labour force, 18 000 000 people are employed in the public sector and 15 000 000 people are employed in the private sector. How many people are unemployed?