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- Individuals leave the labour force when they:(a)find employment.(b)become unemployed.(c)retire.(d)work in the informal sector) Which of the following people would be unemployed (or belonging to any labor market group) according to official statistics? Shortly explain why or why not. (a) A person who is home painting the house while seeking a permanent position as an electrician. (b) A full-time student. (c) A recent graduate who is looking for a job. (d) A parent who decides to stay home taking care of children full time. (e) A worker who quits his job because he thinks the pay is insufficient. (f) A teenager who gets discouraged looking for work and stops looking1. You are given the following information for a country: Participation rate = 75%, Unemployment rate = 10%, Employment rate = 67.5% and Number of employed = 27 million. Based on this information, calculate the following (in millions): (a) Working age population (b) Size of the labour force. (c) Number of unemployed people
- Between 2001 and 2014, by how much did (A) the labor force change? (B) unemployment change? (C) employment change? Context: (in thousands) Year 2001- total population:285,545 Labor force: 143,734 Unemployment: 6,801 Year 2014- Total population: 318,563 Labor Force: 155,922 Unemployment: 9,6171. Find (a), (b), (c), (d), (e), (f). Show work. Labor-Force Unemployment Country Adult Population Labor Force Employed Unemployed Participation Rate Rate Japan 265,788 (a) |101,000 8,684 (b) (c) France (d) 66,809 (e) 2,977 (f) 57.4125) The amount by which potential GDP exceeds actual GDP is one measure (a) matural rate of unemploynment. (b) aggregate cost of unemployment. (e) difference between real and nominal GDP. (d) difference between real and nominal income. rate
- Use the following to answer questions 1-6: Working Age Population Labor Force # of Employed 1. What is the number of unemployed in year 1 in Table 6.1? (A) 60 million. (B) 5 million. 3. What is the unemployment (A) 57.1 percent. Population and labor force data Year 1 140 million 80 million 65 million 2. What is the number of unemployed in year 10 in Table 6.1? (A) 17 million. (B) 78 million. 4. What is the unemployment (A) 86.3 percent. (C) 15 million. (C) 13 million. (B) A positive relationship. (C) No relationship. (D) A negative relationship. rate in year 1 in Table 6.1? (B) 46.4 percent. (C) 18.75 percent. rate in year 10 in Table 6.1? (B) 13.7 percent. (C) 51.3 percent. 5. What is the labor-force participation rate in year 1 in Table 6.1? (A) 9.3 percent. (B) 81.3 percent. (C) 46.4 percent. 6. What is the labor-force participation rate in year 10 in Table 6.1? (A) 59.4 percent. (B) 8.1 percent. (C) 86.3 percent. Year 10 160 million 95 million 82 million (D) 75 million. (D) 65…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) Which of the following people would be unemployed (or belonging to any labor market group) according to official statistics? Shortly explain why or why not. (d) A parent who decides to stay home taking care of children full time. (e) A worker who quits his job because he thinks the pay is insufficient. (f) A teenager who gets discouraged looking for work and stops looking
- Year 2010 2011 2012 2013 2014 2015 Economic growth (%) 2.7 1.7 1.3 2.7 2.5 1.9 Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3 Examine the data on the economic growth and unemployment rate for 2010-2015 a. What trends do you observe in the unemployment rate? In economic growth? b. Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship) Use the data to justify your choice. c. Does the relationship observed in part 2 satisfy the economists' view of the relationship between economic growth and unemployment? Use references to support your answer.(a) Department of Statistics of Malaysia has collected the following data for year 2020 and 2021: |Population Employed Unemployed 2020 32.60 millions 15.096 millions 0.504 millions 2021 34.30 millions 15.53 millions 0.643 millions i. Calculate Malaysia's labour force for year 2020 and 2021. Calculate Malaysia's unemployment rate for year 2020 and 2021. ii. Calculate Malaysia's labour-participation rate for year 2020 and 2021.Question 4 (a) Assume that you are an economic advisor to our Prime Minister. The prime ministers ask you to design a program to reduce the amount of unemployment in Malaysia. What major elements would you include in your plan? Justify your answer, (b) Study the given table and answer the following questions. Year Labor force Employment (thousand) 6350 6850 7042 (thousand) 5790 2017 2018 6290 2019 6686 2020 7241 6926 2021 7441 7148 (a) Calculate the unemployment rate for years 2017 to 2021. (b) What is the percentage of growth in the number of labor force between the year 2017 and 2021?