1. What would the unemployment rate be if, in an economy, there were 10 million unemployed individuals, 118 mitlion employed individuals, and 64 million individuals not in the labor force? A) 5.2% B) 3.9% C) 7.8% D) 5.5%

a.) what does unemployment mean economically and explain the types of Unemployment? b.) Explain Zero Unemployment.

Solution  part all a and b

11) Explain what is meant by ‘involuntary unemployment’ and how economists from different schools of thought might address it?

1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Status Raphael is a 49-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Susan is a 31-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Alex is a 37-year-old graphic designer who is taking 2 years off…

12. Name the type of unemployment occurring in each of the causes below. (a) Frank recently lost his job as the computer manufacturing company he works for recently downsized after poor sales and poor performance of the economy during the last Type of unemployment: (frictional, cyclical, structural ) year. (b) Julie just recently graduated from college and is spending the summer traveling before she begins a job with a consulting firm in the fall. Type of unemployment: (frictional , cyclical, structural) (c) Tom recently lost his job as the steel manufacturing firm he worked for moved their plant overseas. The other steel plants in the nation have been also been following this trend. Type of unemployment: (frictional , cyclical, structural ) The full-employment or natural rate of unemployment assumes there is no ( among the three types of unemployment. unemployment

Question 37 The term "officially unemployed" would apply when a worker a) leaves his or her job to attend school full time. b) who is not currently employed stops searching for a job for any reason. Oc) retires from his or her job. Od) quits his or her job to stay at home. e) who is not currently employed is searching for a job unsuccessfully.

Assume an economy has a population of working age of 83 million and unemployment rate is 4%. Further, the average productivity of labour is 80,000 and the average mark-up in the economy (µ) is 5%. The wage-setting curve for this economy is given by real wage = 55,000 + 25, 000X, with X representing the employment rate. The labour market is in equilibrium. (a) Calculate the equilibrium real wage of the economy. (b) Calculate the employment rate of the economy. Calculate the number of employed workers in the economy. (d) s) Calculate the participation rate of the economy.

Suppose the non-institutional civilian population in a nation is 120 million, of which 80 million are employed and 10 million are unemployed. From this, the labor force participation rate is ______, and the unemployment rate is ________. Select one: a. 66.7%; 12.5% b. 75%; 11.1% c. 75%; 12.5%

Question 2 Part (a) Refer to the table below for a very simple economy producing three goods: education, pizzas and cars. Steel panels are needed for car production, cheese is necessary for making pizzas and projectors are used for educational service. Product Steel panels Education Cars Cheese Pizzas Projectors Quantity 40 400 400 2500 2500 4000 2017 Price $5000 $1000 $10000 $1.50 $9.00 $2000 Quantity 50 450 500 3500 3500 5000 2022 Price $6000 $1100 $12000 $1.50 $12.00 $3000 What is the nominal GDP for the economy in 2022? What was the nominal GDP in 2017? What is the real GDP in 2022 using 2017 prices as base year prices? What is the overall real GDP growth rate between 2022 and 2017? Part (b) Assume for an economy, there are 11.5 million people employed, unemployment rate is 5.2%, labor force participation rate is 64%, number of defence force personnel