3. [Recovery from the Covid pandemic recession] Go to the BLS webpage and find the number of the adult population, the number of employed, and the number of unemployed in February 2020, April 2020, and August 2022 based on household survey data. (a) Compute the unemployment rate in February 2020, April 2020, and Au- gust 2022 (b) Compute the labor-force participation rate in February 2020, April 2020, and August 2022 (c) Compute the non-employment rate in February 2020, April 2020, and August 2022

3. [Recovery from the Covid pandemic recession] Go to the BLS webpage and find the number of the adult population, the number of employed, and the number of unemployed in February 2020, April 2020, and August 2022 based on household survey data. (a) Compute the unemployment rate in February 2020, April 2020, and Au- gust 2022 (b) Compute the labor-force participation rate in February 2020, April 2020, and August 2022 (c) Compute the non-employment rate in February 2020, April 2020, and August 2022

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter24: The Aggregate Demand/aggregate Supply Model

Section: Chapter Questions

Problem 46CTQ: Hydraulic fracturing (tracking) has the potential to significantly increase the amount of natural...

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1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017.
4 Calculate unemployment rate and labor force participation rate for both 2020 and 2021 given the following information: In 2020, there were 18,000 people employed, 1,200 people unemployed, and 1,600 people not in the labor force. In 2021, the following events occurred: 900 people who were looking were hired, 900 people were fired from their jobs and only one third started looking for a new job, 300 people quit their jobs and did not look for new, 100 people who were not working decided to start looking, 700 people retired, and 300 people who were looking decided to stop looking due to lack of success.
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. Quantity in Basket 2017 2018 2019 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 3 30 3 4 Calculators 1 75 75 80 104 Large coffees 300 2 600 2 2 Energy drinks 75 2 150 4 5 Textbooks 8 90 720 110 120 Total cost 1,575 Price index 100 Suppose the base year for this price index is 2017. In…
12 Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?
9. Answer the following macroeconomics questions.i. What is the difference between nominal GDP and real GDP? Which one of them is used tocalculate the economic growth rate? Justify your answer.ii. Give the equation used to calculate the unemployment rate. State the different types ofunemployment. In your opinion, which type is the most problematic one? Justify your answer.iii. Governments may achieve certain economic goals; say controlling inflation or boostingeconomic growth, by implementing fiscal and/or monetary policies. Briefly explain thedifference between fiscal and monetary policies