Question 2: The below data are for a hypothetical economy: (show your calculations) • Number of employed - 480 million persons • Not in labour force 125 million persons • Number of Labour force = 625 million persons Using the above data, compute the following a. Number of unemployed, b. Unemployment-rate, c. Population
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- Refer to the table below for the following question. Suppose this economy has an unemployment rate of 5%. How many people are unemployed? Category Number of people Employed 6650 Not employed and not searching for work 530 Under 16 1210 Working population 8000 Ignore attached image, I just had to add something to put the question outQuestion 1 – Below are some hypothetical statistics for a country in September 2020. Compute the unemployment rate for that month. Population 1, 650, 200 Working age population 1, 115,776 Participation Rate 76.2% Employed 788,221 Suppose that 5,500 of the unemployed people stop searching for work. What is the unemployment rate now? Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case? (Assume there are no discouraged workers from the above question)Question 1 – Below are some hypothetical statistics for a country in September 2020. Compute the unemployment rate for that month. Population 1, 650, 200 Working age population 1, 115,776 Participation Rate 76.2% Employed 788,221 Question Your Answers & Calculations What is the size of the labour force in this economy? What is the unemployment rate in this economy? What is the employment rate in this economy? Suppose that 5,500 of the unemployed people stop searching for work. What is the unemployment rate now? Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case? (Assume there are no discouraged workers from the above question)
- Suppose the following table records the total output and prices of rice and gasoline for an entire economy. This economy produces rice and gasoline only. Further suppose the base year is 2015. Rice Gasoline Year Price Quantity Price Quantity 2015 $8.00 500 $2.00 2000 2016 $9.00 600 $2.30 2000 2017 $10.00 600 $3.00 1800 (1) Compute nominal GDP for 2015, 2016, and 2017. (2) Compute real GDP for 2015, 2016, and 2017. (3) Compute GDP deflator for 2015, 2016, and 2017. (4) Calculate inflation rate from 2016 to 2017 using GDP deflator you calculated above. Write your calculation below:7 Choose the correct statement that explains labor force of a country. a. Labor force is the sum of the employed and unemployed people in the country b. Labor force includes entire population in the country c. Labor force includes the retired people in a country d. Labor force includes people who are not looking for a jobThe table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2010. Year Price of waffles Price of waffles Quantity of Pretzels Price of pancakes Quantity of pancakes 2010 $9 45 $ 2 200 2011 10 50 3 230 2012 10 55 3.5 230 2013 11 60 4 250 - Compute the followings: Nominal GDP. Real GDP. GDP deflator Inflation rate in 2013.
- Silesia – Continued You are provided with the following information about an imaginary economy called Silesia. Use the information provided in the table to answer the questions below: 1994 2019 Nominal GDP (Billion) 200 800 Price Index (2010) base) 50 120 Population (Million) 20 30 Adapted from: Van Walbeek, C., Krugell, W. and Samouilhan, N. 2008. South African Work Book for Economics. Pretoria: Van Schaik. 6.1 Calculate the Real GDP (expressed at constant 2010 prices) for 1994 and 2019. 6.2 By what percentage did the real GDP increase between 1994 and 2019? 6.4 Calculate per capita real GDP for Silesia for 1994 and 2019. 6.5 By what percentage did per capita real GDP increase between 1994 and 2019?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. The price of imported capital goods used in the production of sugar has increased. The price of Tapal tea has increased. C. Analyze and explain the effect of the minimum wage law on the unemployment rate. Explain your answer by using graph.The following table contains data on the fictional country of Penguinia. Presented are the country's nominal GDP, real GDP, and the GDP chain price index for various years. The base year for the chain price index is 2011. Using the data in the table, fill in the blank cells with the correct values. Year Nominal GDP Real GDP GDP Chain Price Index 2014 $8,766 $6,871 127.58 2017 $8,699 119.08 2020 $9,203 $7,926 From 2014 to 2017, nominal GDP ________ by __________ , while real GDP _______ by ___________ .
- Question 1 – Below are some hypothetical statistics for a country in September 2020. Compute the unemployment rate for that month (all figures are in thousands). Population 332,454 Working age population 260,776 Participation Rate 71.4% Employed 173,905 Question Your Answers & Calculations What is the size of the labour force in this economy? What is the unemployment rate in this economy? What is the employment rate in this economy? Suppose that 2500 of the unemployed people stop searching for work. What is the unemployment rate now? Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case? (Assume there are no discouraged worker from the above question)Problem Set 1: Real and Nominal GDP Below are some data from the land of milk and honey. Year Price of Milk (€) Quantity of Milk (in litres) Price of Honey (€) Quantity of Honey (in jars) 2017 2 100 4 50 2018 2 200 4 100 2019 3 200 6 100 Compute nominal GDP, real GDP and the GDP deflator for each year, using 2017 as the base Compute the percentage change in nominal GDP, real GDP and both GDP deflator and inflation in 2018 and 2019 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes Did economic well-being rise more in 2018 or 2019?Only typed answer According to the most recent survey conducted by Statistics Bureau of Metropolis, currently there are 14 million people between the age of 15 and 64 living in the city. If the labour force participation rate in Metropolis is 65 percent and 8.5 million people currently have jobs, what is the rate of unemployment? Options: A) 3.7% B) 7.8% C) 6.6% D) 11.4% E) 12.9% Show all working out and full explanations
