Assume that the equilibrium level of Y (or real GDP) is $10 trillion, the actual unemployment rate is 4.0%, and the natural unemployment rate is 5%. Okun's Law tells us that we should increase Y by 1.6% O increase Y by 2.0% decrease Y by 1.6% decrease Y by 2.0%
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- The index number representing the price level changes from 110 to 115 in one year and then from 115 to 120 the next year. Since the index number increases by five each year, is five inflation rate each year? Is the inflation rate the same each year? Explain your answer.What is the difference between the price level and the tale of inflation?In the Okun's Law equation u - ut-1 = -0.4(gy - 3%), for the unemployment rate to fall by 2%, national income needs to grow at O 8% O 6% O 9% O 5%
- Price Level Figure 9-3 LRAS 0, 90₂ Real GDP Refer to Figure 9-3. If the economy is in equilibrium at point B, a the (actual) unemployment rate is equal to the natural unemployment rate. b. the (actual) unemployment rate is greater than the natural unemployment rate. SEAS, SRAS SRAS QNatural Real GDP AD c. the (actual) unemployment rate is less than the natural unemployment rate. O d. the relationship between the (actual) unemployment rate and the natural unemployment rate cannot be determined from the available information.Go to http://www.bls.govicps/ LFind the national unemployment rate for June 2021 % you must know this rate for the Final Exam. . Has the national unemployment rate increased, dereased or remained the same since January 20217 (Cick on the icon next to the current unemployment rate to see the historical data) O A. Increased O B. decreased O C. remained the same L What is the highest unemployment rate we have experienced since 20097 Click on the icon next to the current unemployment rate to see the historical data . Find the civilian Labor Force Participation Rate for June 2021:Question 5 The economy's MPN is given by MPN=100-N0.5 where N is the level of employment. How much is the aggregate labor demand when the real wage is w 20? 120 64,000 O 6400 80 Question 6 The ECON 103 professors have two hundred midterm exams to grade. They offer to hire you to help them grading, paying you twice the amount you would normally receive (because fow students are willing to work during the term), You take the job. This would be an example of the substitution effect being stronger than the income effect. the income effect being stronger than the substitution effect. the substitution effect being equal to the income effect. a pure income effect.
- If an unemployed person quits looking for work, then, eventually the unemployment rate Select one: O a. is unaffected and the labor-force participation rate decreases. O b. decreases and the labor-force participation rate is unaffected. O c. and the labor-force participation rate are both unaffected. O d. and the labor-force participation rate both decrease. Next pac page to search 立When is the economy at the natural rate of unemployment? Select one: O a. All of these choices are correct O b. When everyone in the economy who wants to work is working O c. When the only kinds of unemployment are frictional, structural, and cyclical O d. When everyone in the economy is working Oe. When the only people who want to work and are not working are frictionally unemployed people who are not willing to work unskilled jobs while they search, and structurally unemployed people who are not willing to work unskilled jobs while the get new skills O f. None of these choices are correctConsider an economy with 500 people in the labor force. At the beginning of every month, 5 people losetheir jobs and remain unemployed for exactly one month; one month later, they find new jobs andbecome employed. In addition, on January 1 of each year, 20 people lose their jobs and remainunemployed for six months before finding new jobs. Finally, on July 1 of each year, 20 people lose theirjobs and remain unemployed for 6 months before finding new jobs.1. What is the unemployment rate in this economy in a typical month?2. What fraction of unemployment spells lasts for one month? What fraction lasts for six months?3. What is the average duration of completed spell of unemployment?4. On a particular date, what fraction of the unemployed are suffering a long spell (six months) ofunemployment? plz solve part 4 ? Thanks.
- Suppose the unemployment rate increases. If at the same time we observe the labor force participation rate decreasing, we can conclude that The labor force participation rate is falling for a bad reason O The unemployment rate is increasing for a bad reason O The unemployment rate is increasing for a good reason O The labor force participation rate is falling for a good reasonO E. 10 million. Diane lost her job and immediately started looking for another job. As a result the Lütfen birini seçin: O A. unemployment rate remains constant. O B. labor force decreases. O C. unemployment rate increases. O D. labor force remains constant O E. labor force increases. SONRAKWhich of the following questions does the official unemployment rate, U3. answer? What percentage of the working age population is classified as unemployed? How many workers are discouraged? O What percentage of the labor force is classified as unemployed? How many people in the economy are underemployed?
