if there is an increase of unemployment rate in the labor market, what would you recommend as a set of policies or programs to address such problems. Illustrate your recommendations geometrically
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1. if there is an increase of
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- if there is unemployment in the labor market, what would you recommend as a set of policies or programs to address such problems. Illustrate your recommendations geometrically (i.e., graphically).Before Phelps’s work, the prevailing view was that economic policy makers faced a tradeoff between unemployment and inflation: Policies that reduced unemployment would increase inflation, and policies that reduced inflation would increase unemployment. This relationship between inflation and unemployment seemed to be supported by the data. For example, the following table shows the unemployment rate and inflation rate for the United States from 1961 to 1969. The inflation rate is measured by the percentage change in the GDP deflator. On the following graph, plot the black points (cross symbol) to show the combinations of unemployment and inflation that existed from 1961 through 1969. Plot the points in order, starting with 1961 and ending with 1969. (Hint: When you're done, place your cursor over each of the points you plotted to ensure that you've placed them on the exact coordinates you intended to.) Based on data in the table, when the inflation rate increased from 4.6% to 5.8%,…According to the most recent survey conducted by Statistics Bureau of Metropolis, currently there are 14 million people between the age of 15 and 64 living in the city. If the labour force participation rate in Metropolis is 65 percent and 8.5 million people currently have jobs, what is the rate of unemployment? Options: A) 3.7% B) 7.8% C) 6.6% D) 11.4% E) 12.9% Show all working out and full explanations.
- Economic variables are sometimes divided into “leading indicators” and “lagging indicators.” Leading indicators are variables that start to change before an economic expansion or contraction. Lagging indicators change only when an expansion or contraction is well underway. Based on the graph of the unemployment rate, is unemployment a leading or lagging indicator of recessions? Explain. How can we use this information when providing advice to a company that sells goods to consumers?1). Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are “not in the labor force?” What are the proportions of employed, unemployed and not in the labor force in the population? Hint: Proportions are percentages. 2). If many workers become discouraged from looking for jobs, explain how the number of jobs could decline but the unemployment rate could fall at the same time. 3).If you are out of school but working part-time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greeter at Wal-Mart are you considered employed or not in the labor force?While economists measure unemployment at the macroeconomic level, microeconomic forces are often responsible for this macro aggregate. In other words, the tie between microeconomics and macroeconomics is inevitable when discussing the level of unemployment in an economy. Suppose the following graph represents the market for unskilled labor in a fictional economy. These workers typically represent the young, inexperienced, or uneducated part of the labor force and are therefore most effected by changes in the unemployment rate. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph
- For the January 2020 Press Release, answer the following question. a. For Columns 2, 3, 5, 6 use the following scale to score each column: 1= Falling Sharply 2= Falling Moderately 3 = Holding 4= Rising Moderately 5= Rising Sharply b. For Column 4, decide whether the unemployment rate is low, high, rising, or falling c. For Column 7, decide whether the Target Rate is greater than 2% (>2%), 2, or less than 2% (<2%).Which of the following statements is incorrect? a. A decrease in the labor participation can make the unemployment rate decline. b. When the BLS puts out Employment Situation report each month, it also provides the results about employment, hours worked, and employee earnings from Establishment Survey. c. Every month, the BLS computes the unemployment rate based on a survey of about 60,000 households (Current Population Survey). d. The broadest measure of labor underutilization, known as u6, is the sum of total unemployed, marginally attached workers, and part time workers for economic reasons as a percent of the civilian labor force. e. None of the above are incorrect.Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 Jamaica and illustrate on a line graph. Note: ONE graph should be done showing all three variables. (a) Examine the data for Jamaica from 2009 to 2018. What relationship (positive, negative, none) do you observe between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period Relationship Justification (b) Rank the three economie variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at position 1, 2 and 3.) Rank Variable Justification 1 2 3 (c) “Many believe that the main objective of government economic policy should be to increase…
- Question 4 2. The Australian Bureau of Statistics (ABS) reported in May 2017 that the civilian population in Australia over 15 years of age was 20.8 million.Of this population of 20.8 million Australians, 13.5 million were employed and 0.7 million were unemployed.Calculate Australia’s labor force and the number of people in the civilianpopulation who were not in the labor force? Also, with examples examine thecauses of structural unemployment in Australia.Complete a table showing the unemployment rate, inflation rate and economic growth rate for 2009 – 2018 for Barbados. (a) Examine the data for Bahama from 2009 to 2018. What relationship (positive, negative, none) do you observe between (i) economic growth and unemployment, (ii) economic growth and inflation, (iii) unemployment and inflation over the period? Justify your response. Variables Relationship Justification (i) economic growth and unemployment (ii) economic growth and inflation (iii) unemployment and inflation over the period (b) Rank the three economic variables from most important to least important. Provide one relevant reason to justify your selection for each of the three positions. (I.e. a reason why each variable is placed at position 1, 2 and 3.) Rank Variable Justification 1 2 3 (c) “Many believe that the main objective of government economic policy should be to…The unemployment rate statistic published by the Bureau of Labor Statistics may underestimate the magnitude of the unemployment problem in the economy because a) all part-time workers are counted as "employed" even though some would prefer to work full-time (i.e. are underemployed). b) some workers are working in jobs for which they are overqualified (also underemployed). c) "discouraged workers," who are no longer looking for work, are not counted in the labor force. d) all of the above.