a) Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent. What is unemployment rate, size of the labor force and working age-population in the year of 2020 in Pakistan?b) In each of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and justify your answer (in detial). The price of imported capital goods used in the production of sugar has increased.The price of Tapal tea has increased.(use word/excel for solving)

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a) Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent. What is unemployment rate, size of the labor force and working age-population in the year of 2020 in Pakistan?

a) Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent. What is unemployment rate, size of the labor force and working age-population in the year of 2020 in Pakistan?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter6: Business Cycles And Unemployment

Section: Chapter Questions

Problem 19SQ

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Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent. What is unemployment rate, size of the labor force and working age-population in the year of 2020 in Pakistan? In each of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and justify your answer. The price of imported capital goods used in the production of sugar has increased. The price of Tapal tea has increased. Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.
Do these three measures avoid the sources of bias in the CPI? These measures _______. A. avoid the sources of bias in the CPI by giving extra weight to the goods and services with the most volatile prices B. do not overcome the sources of bias in the CPI C. avoid the sources of bias in the CPI by eliminating goods and services with the most volatile prices D. avoid the sources of bias in the CPI by incorporating substitutions and using current and previous period quantities
Which of the following was a way for the Bureau of Labor Statistics to reduce the quality/new good bias in its calculation of the CPI? Remove energy and food prices. Allow for some substitution amongst products. Update the list of products included in the CPI more often and rapidly. Automatically reduce the inflation by 0.5% to account for quality/new good bias.
Q2: In each case of following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and Justify your answer. ( Maximum 150 words) a: The price of imported Belgian chocolate has increased. b: The price of imported equipment used in industrial level ice-cream production has increased. c: The price of Millat Tractors has increased.
In each case of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and Justify your answer. The price of imported Belgian chocolate has increased. The price of imported equipment used in industrial level ice-cream production has increased. The price of Millat Tractors has increased.
Assume the number of employed people in Pakistan is 22.5 million in 2020. The number of unemployed people during 2020 in Pakistan is 6 million, and the labor force participation rate is 60 percent. In each of the following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and justify your answer. The price of imported capital goods used in the production of sugar has increased. The price of Tapal tea has increased. Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.
Consumers of the economy purchase all primary products, manufacturing products and services shown in the table. Manufacturing products and services are all produced by the domestic economy. However, for each year, 3/4 of the primary products is imported, and 1/4 is produced domestically. Set 1973 as the base year.Find the % change in prices for primary products, manufacturing products and services, respectively, from 1973 to 1974. Find the CPI for both years. Calculate the corresponding inflation rate from 1973 to 1974. Find the nominal and real GDP for both years. Hence, find the GDP deflator for both years. Calculate the corresponding inflation rate from 1973 to 1974. The above table is set up in such a way to mimic the actual data of the inflation rates calculated from the CPI and the GDP deflator, respectively, for the US during the first oil crisis in 1973- 1974. Use your results to explain how and why the two numbers differ by such a wide margin during that period.