Which of the following is the best statistic to measure what is happening to living standards over the long run? Question 1 options: Unemployment rate Inflation rate Real GDP per capita Labour force participation rate
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Which of the following is the best statistic to measure what is happening to living standards over the long run?
Question 1 options:
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Inflation rate |
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Real |
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Labour force participation rate |
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Solved in 3 steps
- The table below gives the country's GDP, population size, and price level over a two-year period. 2018 2019 Nominal GDP 8449 18374 Population 240 294 Price index 100 97.55 Given the information above, calculate the following: (f) The Real GDP in 2019 188.35 188.35 (g) Nominal GDP per capita growth rate between 2018 and 2019 117.4 117.4 (h) Real GDP per capita growth rate between 2018 and 2019 0.8198 0010oA small city has the following characteristics: Population (15+): 440000 Labour Force Participation Rate: 69% Unemployment Rate: 7% How many people are unemployed in this city? (Nearest whole number.)(b) Using the following data calculate:(i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate. 987,156 Currently Working 23,000 volunteer workers9845 (ages 13-14) looking for work 12,000 (ages 15) looking forwork45,600 Part-Time workers 56 family workers who worked15 hrs a week234 Self-Employed 6543 Discouraged Workers67,432 (ages 23-25) looking for work 67,890 laid off receptionistslooking for work544,321 (ages 16-20) looking for work Current population is6,000,0005654 Temp Workers 5000 armed forces543 recent university graduates thatare going back to graduate school3500 institutionalized
- i. According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; a. What is the population of the people that is not included in the labour force? Show your work. ANSWER: b. Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. ANSWER: c. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events events. ANSWER: ii. Examine the causes of at least two (2) main types of inflation ANSWER:Which of the following is not a micro-economic variable?[A] Demand of a commodity[B] Supply of a commodity[C] Price rise of a commodity[D] Employment generated in a year in a countryFrom the data in this table, what would A be in 2021? Capital Population Workers GDP Real GDP Year (2021 values CPI (millions) (millions) Deflator (millions) in millions) 2021 100 50 115 $10,000,000 6,000,000 275 2071 200 100 250 $20,000,000 30,000,000 515 A = level of technology
- (b) Using the following data calculate: (i) (ii) (iii) (iv) (v) The number of persons employed. The number of persons unemployed. The labour force. The Labour Force Participation rate. The "official" unemployment rate. 987,156 Currently Working 9845 (ages 13-14) looking for work 23,000 volunteer workers 12,000 (ages 15) looking for work 56 family workers who worked 15 hrs a week 45,600 Part-Time workers 234 Self-Employed 67,432 (ages 23-25) looking for work 6543 Discouraged Workers 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5000 armed forces 5654 Temp Workers 543 recent university graduates that are going back to graduate school 3500 institutionalizedQuestion 1 Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: (a) Unemployment rate (b) Labour force participation rate (c) Employment to population ratio Institutionalized population ratio (d) Not in the labour force (e) Working age population ratio Question 2 For each of the following scenarios, state whether the unemployment is frictional, structural or cyclical. Justify your answer. (a) Ted lost his job when the steel mill closed down. He lacks the skills to work in another industry and so has been unemployed over a year. (b) Gwen had a job as a clerk but quit when her husband was transferred to another state. She looked for a month before finding a new job that she liked.Question 1 Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: (a) Unemployment rate (b) Labour force participation rate (c) Employment to population ratio Institutionalized population ratio (d) Not in the labour force (e) Working age population ratio Question 2 For each of the following scenarios, state whether the unemployment is frictional, structural or cyclical. Justify your answer. (a) Ted lost his job when the steel mill closed down. He lacks the skills to work in another industry and so has been unemployed over a year. (b) Gwen had a job as a clerk but quit when her husband was transferred to another state. She looked for a month before finding a new job that she liked. Learning Activity 8.2 Question 3 (a) Why…
- (b) Using the following data calculate: (i) (ii) (ii) (iv) (v) The number of persons employed. The number of persons unemployed. The labour force. The Labour Force Participation rate. The “official" unemployment rate. 987,156 Currently Working 9845 (ages 13-14) looking for work 23,000 volunteer workers 12,000 (ages 15) looking for work 56 family workers who worked 15 hrs a week 6543 Discouraged Workers 67,890 laid off receptionists looking for work 45,600 Part-Time workers 234 Self-Employed 67,432 (ages 23-25) looking for work 544,321 (ages 16-20) looking for work Current population is 5654 Temp Workers 543 recent university graduates that are going back to graduate school 6,000,000 5000 armed forces 3500 institutionalized (c) Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work.…An analysis regarding the relationship between the unemployment rate and economic growth in a countryAn economic variable is any economic measure that a.can vary over a range of values b.has a fixed value over time c.Has no effect on the economy d. None