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Instructions
Directions:
The problem set answers should only contain answers. Do
Instructions
Directions:
The problem set answers should only contain answers. Do not retype the questions.
Answers for the problem set have to be typed using 12 point black font and double spaced. All answers are to be black font, typed, including any calculations.
Answers should be given in a paragraph form that provides a thorough explanation. A one sentence answer is not adequate. Even in the case of calculations, they should be explained. Graphs are to be neatly hand drawn. Graphs are to be clearly labeled
Graphs are to be inserted into the paragraph of the answer
All answers are checked by Turnitin for plagiarism. You should be doing your own work.
Question 1 : A country with a civilian (work-eligible) population of 90,000 ( all over age 16) has 70,000 employed and 10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and another 4,000 are structurally unemployed. On the basis of this data answer following questions :
a) What is the size of the labor force?
b) What is the unemployment rate?
c) What is the natural rate of unemployment for this country?
d) Is this economy in recession or expansion? Explain.
Question 2) Using the equation 8.3 in the attached picture and the following information to answer the question. In 1969, President Nixon earned a salary of $200,000. The CPI in 1969 was 36.7. In 1980, President Reagan also earned a salary of $200,000. The CPI in 1980 was 82.4. How much would President Nixon’s salary be in 1980 dollars. Is it larger than President Reagan’s? And if so, what is possible explanation
Question 3) Is the inflation rate that is reported by the US department of labor statistics accurate? If not, what is one possible explanation for the inaccuracy?
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