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2012

United States

Australia

Singapore

Malaysia

Unemployment rate inflation (%)

8.1

5.2

-

-

Labor force (thousands)

154,975

12,137

-

-

Labor force participation rate (%)

63.7

66.2

-

-

Inflation rate (%)

2.1

1.8

-

-

Source: U.S Bureau of Labor Statistics: International Labor Comparisons August 21, 2013

Analyze the data.

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Prachi Dabas
Prachi DabasLv10
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Related questions

Ch 7

2) Suppose that the U.S. noninstitutional adult population is 230 million and the labor force participation rate is 67 percent.

a. What would be the size of the U.S. labor force?

b. If 85 million adults are not working, what is the unemployment rate?

3) Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:

a. A UPS employee who was hired for the Christmas season is laid off after Christmas

b. A worker is laid off due to reduced aggregate demand in the economy.

c. A worker in a DVD rental store becomes unemployed as video-on-demand cable service becomes more popular.

d. A new college graduate is looking for employment.

5) When the economy is at full employment, is the unemployment rate at zero percent? Why or why not? How would a more generous unemployment insurance system affect the full employment figure?

7) Here are some recent data on the U.S. consumer price index:

YEAR CPI YEAR CPI YEAR CPI

1992 140.3 1999 166.6 2006 201.6

1993 144.5 2000 172.2 2007 207.3

1994 148.2 2001 177.1 2008 215.3

1995 152.4 2002 179.9 2009 214.5

1996 156.9 2003 184.0 2010 218.1

1997 160.5 2004 188.9 2011 224.9

1998 163.0 2005 195.3 2012 229.6

Compute the inflation rate for each year 1993 – 2012 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?

Ch 8

1) How do we measure labor productivity? How do changes in labor productivity affect the U.S. standard of living?

5) Supposed that two nation start out in 2013 with identical levels of output per work hour – say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. In the second, it grows by 2 percent per year. Use a calculate or spreadsheet to determine how much output per hour each nation will be producing 20 years later, assuming that labor productivity growth rates do not change. The, determine how much each will be producing per hour 100 years later. What do your results tell you about the effect of small differences in productivity growth rates?

7) What are some examples, other than those given in the chapter of technological change that has caused unemployment? And what are some examples of new technologies that have created jobs? How do you think you might measure the net impact of technological change on overall employment and GDP in the United States?

Ch 7

2) Suppose that the U.S. noninstitutional adult population is 230 million and the labor force participation rate is 67 percent.

a. What would be the size of the U.S. labor force?

b. If 85 million adults are not working, what is the unemployment rate?

3) Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:

a. A UPS employee who was hired for the Christmas season is laid off after Christmas

b. A worker is laid off due to reduced aggregate demand in the economy.

c. A worker in a DVD rental store becomes unemployed as video-on-demand cable service becomes more popular.

d. A new college graduate is looking for employment.

5) When the economy is at full employment, is the unemployment rate at zero percent? Why or why not? How would a more generous unemployment insurance system affect the full employment figure?

7) Here are some recent data on the U.S. consumer price index:

YEAR CPI YEAR CPI YEAR CPI

1992 140.3 1999 166.6 2006 201.6

1993 144.5 2000 172.2 2007 207.3

1994 148.2 2001 177.1 2008 215.3

1995 152.4 2002 179.9 2009 214.5

1996 156.9 2003 184.0 2010 218.1

1997 160.5 2004 188.9 2011 224.9

1998 163.0 2005 195.3 2012 229.6

Compute the inflation rate for each year 1993 – 2012 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?

Ch 8

1) How do we measure labor productivity? How do changes in labor productivity affect the U.S. standard of living?

5) Supposed that two nation start out in 2013 with identical levels of output per work hour – say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. In the second, it grows by 2 percent per year. Use a calculate or spreadsheet to determine how much output per hour each nation will be producing 20 years later, assuming that labor productivity growth rates do not change. The, determine how much each will be producing per hour 100 years later. What do your results tell you about the effect of small differences in productivity growth rates?

7) What are some examples, other than those given in the chapter of technological change that has caused unemployment? And what are some examples of new technologies that have created jobs? How do you think you might measure the net impact of technological change on overall employment and GDP in the United States?




This question tests your knowledge of what activities are includedin calculating GDP. Decide for each item whether it is part of GDPand, if so, to which expenditure category it belongs.

2. Purchase of 100 shares of General Motors stock:





A. Not counted in GDP


B. Counted as part of consumption


C. Counted as part of investment


D. Counted as part of government


E. Counted as part of net exports



3. Consider the following three individuals.

Julie did not work for pay last week, but she met with a jobcounselor and went on two job interviews.

Jack was laid off from his job at a furniture store six months ago.He has a family to support and is frustrated with his inability tofind a full-time position. Last week he took a part-time job at afast-food restaurant, but could work only three hours.

Patricia has been out of work for almost a year. She desperatelyneeds a job but has become so discouraged that she has given up onher job search.

Which of these people would be considered unemployed by the Bureauof Labor Statistics (BLS)?




A. Julie


B. Jack


C. Patricia


D. Julie and Jack


E. Julie and Patricia


F. Jack and Patricia


G. All three individuals


H. None of the individuals





4. Which of the following individuals would NOT be consideredunemployed under the Bureau of Labor Statistics criteria?




A. An assembly-line worker for General Motors who is laid offbecause of a reduction in car sales.



B. An assembly-line worker for General Motors who quits her job andreturns to college on a full-time basis.


C. An assembly-line worker for General Motors who quits her job butis interviewing for a position as a part-time bank teller.


D. A recent high-school graduate who is seeking his first job as anassembly-line worker at General Motors.





This table shows employment data for the United States for December2002. The civilian unemployment rate, which is the most commonjobless statistic quoted in the press, only includes non-militaryand non-institutionalized adults 16 years of age and older. Allnumbers are in thousands of people.

Civilian Non-Institutional Population
(16 years of age and over) Employed Unemployed


214,968 133,952 8,590

Source: Economic Report of the President, 2003


5.1. What was the unemployment rate in December 2002? (Express youranswer to the nearest tenth of a percent.)



%
Please enter 1 digit after the decimal point.









This table shows employment data for the United States for December2002. The civilian unemployment rate, which is the most commonjobless statistic quoted in the press, only includes non-militaryand non-institutionalized adults 16 years of age and older. Allnumbers are in thousands of people.

Civilian Non-Institutional Population
(16 years of age and over) Employed Unemployed


214,968 133,952 8,590

Source: Economic Report of the President, 2003


5.2. What was the labor force participation rate in December 2002?(Express your answer to the nearest tenth of a percent.)



%
Please enter 1 digit after the decimal point.




6. The Consumer Price Index measures:




A. The cost of all goods and services produced within a country'sborders



B. The cost of goods and services consumed by a typicalhousehold


C. The change in income received by a typical household



D. The cost of keeping a family above the poverty line


7. Which of the following is NOT a characteristic of discouragedworkers?




A. They want a job.



B. They are not currently working.



C. They are counted as unemployed by the government.




8. If gross investment is $50 billion and depreciation is $20billion, the economy's capital stock rises by:





A. $70 billion


B. $50 billion


C. $30 billion


D. $20 billion







9. The table shows the distribution of total expenditure on the CPImarket basket across several broad categories.
Category of Goods and Services Percent of
Market Basket


Apparel 4%
Education and Communication 6%
Food and Beverages
16%
Housing 41%
Medical Care 6%
Other Goods and Services 4%
Recreation 6%
Transportation 17%




Source: Bureau of Labor Statistics
Which of the following will have the biggest impact on theCPI?



A. A 4% increase in the cost of apparel


B. A 4% increase in the cost of medical care


C. A 4% decrease in the cost of recreation


D. A 4% increase in the cost of food and beverages




. Which of the following activities would be included in thecalculation of GDP for the United States?




A. Texas Instruments produces computer chips at a manufacturingfacility in Indonesia.


B. I chop down a cherry tree on my property and make a dining roomtable. I saw a similar table sell for $800 in a local furniturestore.


C. Honda, a leading Japanese automobile company, produces 25,000Accords at its Indiana plant and exports them back to Japan.


D. Goodyear Tire Company manufactures 250,000 tires. The tires areto be sold to General Motors, which will put them on newautomobiles.

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