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a. Explain concisely whether the following statement is true or false:
“The
citizens” (850–1000 words)
b. In as much detail as possible, explain the Circular Flow Diagram for a Four (4) sector
economy. (850–1000 words)
c. Explain three (3) costs of
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- Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of discouraged workers 2 million (c) Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. (d) Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work.Using data from the bank of Ghana website from 1970 -2018,show the relationship between inflation, GDP and unemployment graphically with explanation .For the next set of questions determine if they are a. real or b. nominal 1.Real GDP is considered a ____ variable. a. real b. nominal 2.Employment is considered a ____ variable. a. real b. nominal 3.Unemployment rate is considered a ____ variable. a. real b. nominal 4.Consumption is considered a ____ variable. a. real b. nominal 5.Price level is considered a ____ variable. a. real b. nominal
- In Okunland, a country whose economy operates according to Okun's law, real GDP equals $7,520 billion, potential GDP equals $8,000 billion, and the actual unemployment rate is 8 percent. What is the natural rate of unemployment in Okunland? Multiple Choice 11 percent 2 percent 5 percent 6 percentSuppose that economy X is at the steady-state unemployment rate with a separation rate of 0.05 per month and a job-finding rate of 0.15 per month, and the labor force was 150 million, how many individuals would lose their jobs each month?Give a real-world example from current events that demonstrates an understanding of the unemployment economic indicator, explaining it in economic terms
- Suppose the real GDP of an economy is $400 billion dollars and its unemployment rate is 6%.If the natural rate of unemployment is estimated at 3%, what is the value of the country’s potential GDP (LAS) in billions of dollars?Value of the country’s potential GDP (LAS) is $ billion. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Although the unemployment rate is not a perfect measure (failing to account for potential increases in discouraged or underemployed workers), it remains a key indicator of a nation’s economic health. While Germany now enjoys a healthy unemployment rate of only 3.6% as of December 2017, the labor market has not always been booming in this European country. For example, as recently as 2005, German unemployment accounted for nearly 10% of the labor force. There are many factors that contributed to the turnaround of Germany’s labor market over the last decade, including wage decentralization and increased competitiveness according to an article from the Harvard Business Review (Alexandra Spitz-Oener, “The Real Reason the German Labor Market Is Booming,” March 13, 2017). However, one of the most well-known policy changes of the early 21st century was the Hartz reforms, which included a sharp decrease in unemployment benefits that altered the incentives of unemployed workers. Before the…Examine the unemployment rate of Trinidad and Jamaica and discuss how they have changed over the 20- year period of 2000 to 2019 (iii) research and discuss factors that could account for the difference(s) observed in the unemployment rate between the two countries. Factors should be supported using either quantitative evidence and/or real-world examples obtained from the assigned countries.
- What are the two biggest recessions in terms of length and magnitude from the graph, the shaded areas show recession and 2020 is not included? How does the unemployment rate react during the two main recessions you have identified? What was the level of the unemployment rate during the first and the last quarter of negative growth for those two recessions? why data for France for 1980s is not avaliable What do you conclude about the link between recession and the variation in unemployment?Suppose a small island nation, called Econland, has a population of 100,000 people. The labor force consists of 60,000 people, out of which 55,000 are employed and 5,000 are unemployed. Calculate the following economic indicators for Econland: Unemployment Rate Labor Force Participation RateEmployment Rate Population Growth Rate (Assuming the previous year's population was 95,000): Round your answers to the nearest two decimal places.In a country with a population of 70 million people, there are 30 million children under the age of 15 years, 20 million employed, 10 million pensioners, 7 million unemployed and looking for work. a) The unemployment rate according to the strict definition is 35 % b) The unemployment rate according to the expanded definition is 25.9 % c) The unemployment rate according to the strict definition is 10 % d) The unemployment rate according to the expanded definition is 33.3 %