Placeholder

ECON 312 Week 6 Homework Latest

$28.00

Quantity:

Product Description

ECON 312 Week 6 Homework Latest

ECON 312 Week 6 Homework Latest

ECON312

ECON 312 Week 6 Homework Latest

Question 1

The BLS reported that in November 2017, the labor force was 160.5 million, employment was153.5 million, and the working-age population was 255.2 million.

Calculate the unemployment rate and the labor force participation rate.

>>> Answer to the nearest 1 decimal place.

The unemployment rate is __________percent.

The labor force participation rate is ____________ percent.

Question 2

The BLS reported that in July 2017July 2017, the labor force was 160.5 million, employment was 153.5 million, and the working-age population was 255.2 million.

The BLS also reported that 17.3 percent of all employment in July 2017July 2017 was part time and that 5.3 million people worked part time for economic reasons.

How many people worked part time for noneconomic reasons

>>> Answer to the nearest 1 decimal place.

_____________ Million people worked part time for noneconomic reasons.

Question 3

A BLS labor market survey interviewer recorded the facts about the 10 people in the four households shown in the table.

Choose the correct statement.

A. Kosta is unemployed and Candy is unemployed.

B. Mimi is unemployed and Harry is not in the labor force.

C. Harry is not in the labor force and Kosta is unemployed.

D. Jerry is employed and Mimi is not in the labor force.

E. Candy is employed part time and Jerry is unemployed.

Candy and Serena work part time for economic reasons.

A. True

B. False

Person Work hours Activity
Candy 20 works at own business. Also completed application forms and attended two job interviews.
Jerry 40 works at GM
Meg 10 student weekend job
Joey 0 on vacation from bank
Serena 10 part-time check-out clerk who wants a full time job
Ari 0 waiting for recall to regular job in 2 weeks
Kosta 0 stopped looking for work; going back to school
Mimi 0 Retired
Harry 0 Retired
Hank 12 works at own business unpaid

Question 4

The Bureau of Labor Statistics reported that in June, 2017, the labor force was 160,494,000, employment was 153,513,000, and the working-age population was 255,151,000.

Calculate for that month the labor force participation rate and the unemployment rate.

>>> Answer to the nearest 1 decimal place.

The labor force participation rate was _________percent.

The unemployment rate was __________percent.

Question 5

The Bureau of Labor Statistics reported that in July 2003, the labor force was 147.8 million, employment was 138.5 million, and the working-age population was 221.3 million.

In July 2003, what was the unemployment rate and the labor force participation rate

>>> Answer to 1 decimal place.

The unemployment rate in July 2003 was _________percent.

The labor force participation rate in July 2003 was ________percent.

Question 6

The table gives information reported by the Bureau of Labor Statistics for February, 2007.

What is the unemployment rate

The unemployment rate is ________percent.

>>> Answer to 1 decimal place

Item Millions
Labor force 153
Employment 141
Working-age population 232

Question 7

A discouraged worker ______.

A. is someone who has a full dash time job but because of family responsibilities would prefer to work part time

B. is not included in the working dash age population

C. is a marginally attached worker who has not made specific efforts to find a job within the previous four weeks because previous unsuccessful attempts were discouraging

D. is included in the labor force

Question 8

The table gives information about a nation’s labor force.

What is the number employed

The number employed is ________million.

>>> Answer to 1 decimal place.

Labor Market Data
Labor force 146.5 million
Not in labor force 74.7 million
Unemployed 8.8 million

Question 9

Real-Time Data Analysis Exercise*

Labor market variable In July comma 2017 July  (thousands)
Civilian population over 16 255,151
Employment 153,513
Unemployment 6,981

The table above and graph to the right provide information about the U.S. labor market in July, 2017.

In, July, 2017, the unemployment rate in the United States was _______percent.

>>> Answer to 1 decimal place.

Question 10

The working-age population is the total number of _____ aged _____ years and over who are not in jail, hospital, or some other form of institutional care or in the U.S. Armed Forces.

A. people; 15

B. workers; 18

C. people; 16

D. graduates; 20

Question 11

Who in the following statements is a discouraged worker

A. Nick is changing his job because he has had differences with his co-workers in his current company.

B. Ned is available to work and has been sending job applications whenever he sees any suitable opportunity.

C. Dan is available to work but has not looked for a job in the past eight weeks because of repeated applications but no single offer.

D. Rachel does not find her current job profile interesting and is looking for alternate opportunities.

Question 12

Who in the following statements is a part-time worker for economic reasons

A. Meryl recently retired from work and started working at the public library for a couple of hours on weekdays.

B. Sherrie is a graduate who started working at Safeway pharmacy for 4 hours each day, three days a week, as they do not currently have a full-time opening.

C. Julie works at Bank of America for 8 hours each day from Monday through Friday.

D. Amy works at a community college for 6 hours each day, only two days a week, to be able to spend time with her kids.

Question 13

When the output gap is positive, the unemployment rate ______ the natural unemployment rate.

When the output gap is negative, the unemployment rate ______ the natural unemployment rate.

A. is greater than; equals

B. is greater than; is less than

C. is less than; is greater than

D. equals; is greater than

E. is less than; equals

Question 14

The natural unemployment rate is not zero because natural unemployment includes _______.

A. frictional and cyclical unemployment

B. discouraged workers

C. frictional and structural unemployment

D. cyclical and structural unemployment

E. cyclical unemployment

The unemployment rate fluctuates around the natural unemployment rate because _______ during a recession and ___________ during an expansion.

A. frictional unemployment decreases; increases

B. frictional unemployment increases; decreases

C. cyclical unemployment decreases; increases

D. structural unemployment increases; decreases

E. cyclical unemployment increases; decreases

Question 15

Read the news clip, then answer the following questions.

Michigan unemployment tops 15%

The U.S. Department of Labor reported that Michigan’s unemployment rate in June 2009 rose to 15.2%, becoming the first state in 25 years to suffer an unemployment rate exceeding 15%. Michigan has been battered by the collapse of the auto industry and the housing crisis and has had the highest unemployment rate in the nation for the past 12 months.

Source: CNN Money, July 17, 2009

The unemployment rate in Michigan is higher than in most other states because _____ unemployment in Michigan increased.

A. structural, frictional, and cyclical

B. structural

C. frictional

D. cyclical and frictional

E. cyclical

The unemployment rate in Michigan is higher than normal because _____ unemployment increased.

A. structural and cyclical

B. structural and frictional

C. cyclical

D. structural

E. frictional and cyclical

Question 16

Full employment is defined as a situation in which _______.

A. the unemployment rate equals the natural unemployment rate

B. all unemployment is cyclical

C. real GDP is greater than potential GDP

D. the unemployment rate is greater than the natural unemployment rate

Question 17

When cyclical unemployment increases and other things remain the same, ______.

A. the amount of frictional unemployment increases

B. the natural unemployment rate increases

C. the natural unemployment rate does not change

D. the amount of structural unemployment decreases

Question 18

Real-Time Data Analysis Exercise*

The tables to the right show the unemployment rate and the natural unemployment rate from July 2016 to July 2017, and real GDP and potential GDP from the second quarter of 2016 to the second quarter of 2017.

In July 2017, the U.S. the unemployment rate was ______ the natural unemployment rate and in the second quarter of 2017 the output gap was ______.

A. below;negative

B. equal to; positive

C. below; zero

D. above; negative

Date Unemployment rate Natural unemployment rate
(percentage of labor force)
Jul 2016 4.9 4.8
Oct2016 4.8 4.7
Jan2017 4.8 4.7
Apr2017 4.4 4.7
Jul 2017 4.3 4.7
Date Real GDP Potential GDP
(billions of 2005 dollars)
2016, Q2 16,664 16,801
2016, Q3 16,778 16,864
2016, Q1 16,851 16,928
2017, Q4 16,903 16,992
2017, Q2 17,011 17, 058

Question 19

The natural unemployment rate is the unemployment rate when the economy is _____.

A .not at full employment

B. facing high inflation

C. facing high interest rates

D.at full employment

Question 20

Full employment is when there is no _____ unemployment or, equivalently, when all the unemployment is _____ or _____.

A. structural; frictional; natural

B. frictional; structural; cyclical

C. cyclical; structural; natural

D. cyclical; frictional; structural

Question 21

The output gap is real GDP minus _____ expressed as a percentage of _____.

A. potential GDP; potential GDP

B. potential GDP; real GDP

C. interest rate; interest rate

D. investment; potential GDP

Question 22

The BLS counts Jody as being unemployed if she _______.

A . wants a job and is willing to take a job but after searching last week cannot find a job

B. wants a job and looked for a job last year but has now stopped looking

C. doesn’t have a job because the U.S. factory where she worked cannot compete with cheap Chinese imports

D. had a job last month but not this month

Question 23

If the BLS included all marginally attached workers as being unemployed, the _______ would be _______.

A. unemployment rate; lower

B. labor force participation rate; lower

C. labor force; unchanged

D. unemployment rate; higher

Question 24

When the economy goes into recession, the biggest increase in unemployment is _______.

A. structural because jobs are lost in most states

B. cyclical because jobs are lost in many industries as they cut production

C. the combination of structural and frictional as few new jobs are created

D. frictional because the creation of jobs slows

Question 25

Potential GDP is the value of real GDP when _______.

A. the unemployment rate is zero

B. there is no frictional unemployment

C. there is no structural unemployment

D. the unemployment rate equals the natural unemployment rate

Question 26

Once a month, the Bureau of ______ Statistics calculates the Consumer Price Index, which is a measure of the ______ consumers for a fixed basket of consumer goods and services.

A. Consumer; retail prices paid by all

B. Labor; non-discounted prices paid by urban

C. Labor; average of the prices paid by urban

D. Government; average of the prices paid by all

Question 27

The CPI basket consists of items that ______ buy and it is updated frequently to ______.

A. urban households; permit long-term price comparisons on individual goods

B. all households; provide a valid comparison with 1982-1984

C. urban households; reduce bias

D. all households; eliminate bias

Question 28

Real-Time Data Analysis Exercise*

The table provides information about the U.S. CPI for July each year from 2011 to 2017.

The numbers in the table are ____________

The reference base year for the CPI is _____________.

The CPI for July 2017July 2017 tells us that since the reference base year, the price level has increased by _________percent.

>>> Answer to the nearest 1 decimal place.

In the year to July 2017, the inflation rate measured by the CPI was _________percent.

>>> Answer to the nearest 1 decimal place

Month minus Year CPI
Jul2011 225.4
Jul2012 228.6
Jul2013 232.9
Jul2014 237.4
Jul2015 237.9
Jul2016 239.9
Jul2017 244.0

Question 29

The inflation rate is the percentage change in the _____ from one year to the next.

Deflation is a situation in which the _____ is _____ and the inflation rate is _____.

A. interest rate;

interest rate; rising; positive

B. price level;

input cost; rising; positive

C. price level;

price level; falling; negative

D. interest rate;

interest rate; falling; negative

Question 30

Economists in the Statistics Bureau decide to check the substitution bias in the CPI. To do so, they conduct a Consumer Expenditure Survey in both 2012 and 2013.

The table shows the results of the survey. It shows the items that consumers buy and their prices.

The Statistics Bureau fixes the reference base year as 2012.

There ____________a commodity substitution bias when the CPI is calculated in 2013 using the 2012 basket.

The reason is that people switch from the relatively more expensive __________to the relatively less expensive ________________.

The CPI that uses the 2012 basket __________the inflation rate in 2013.

2012 2013
Item Quantity Price Quantity Price
Chicken 25 $5 30 $5
Noodles 30 $1 20 $2

Question 31

The interest rate is 22 percent a year in The Gambia and 7.5 percent a year in South Africa.

The inflation rate is 14.2 percent a year in The Gambia and 1.4 percent a year in South Africa.

Calculate the real interest rate in The Gambia and South Africa.

>>> Answer to 1 decimal place.

>>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign.

The real interest rate in The Gambia is _______________a year.

The real interest rate in South Africa is ____________percent a year.

Question 32

The nominal interest rate is 5 percent a year and the real interest rate is 4 percent a year.

What is the inflation rate

The inflation rate is ____________percent a year

>>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign.

Question 33

The real wage rate is $15.00 an hour and the CPI is 114.

What is the nominal wage rate

The nominal wage rate is $_____ an hour.

>>> Answer to 2 decimal places.

Question 34

The nominal wage rate is the average _____ wage rate measured in _____ dollars.

The real wage rate is the average _____ wage rate measured in the dollars of _____ year.

A. annual; current; annual; the past

B. hourly; current; hourly; a reference base

C. annual; current; annual; a reference base

D. hourly; constant; annual; the current

Question 35

If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a year, then real GDP increases by _______.

A.3 percent a year

B.2.5 percent a year

C.10 percent a year

D.7 percent a year