Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me with this: 1. The table below gives employment and population values for hypothetical Country A. Calculate the missing values. RETINA UNIT 2
Please help me with this:
1. The table below gives employment and population values for hypothetical Country A. Calculate the missing values.
RETINA UNIT 2 BU204 - MACROECONOMICS N Adult Labor Unemployment Labor Force Country Employed Unemployed Population Force (a) Rate (b) Participation Rate (c) Enter Enter 120,000 60,000 4,500 (Enter response response here. response here. here.) 2. The table below gives employment and population values for hypothetical Country B. Calculate the missing values. Adult Labor Force Labor Employed Unemployed Unemployment Country Population Participation Force (b Rate (c) (a) Rate (Enter (Enter response 28,000 response 3,000 Enter response B 60.00% here. here . here. 3. The table below gives employment and population values for hypothetical Country C. Calculate the missing values. Adult Labor Employed Unemployed Unemployment Labor Force Country Participation Population Force (a) (b Rate Rate (c) (Enter (Enter your (Enter your your C 70,000 40,000 answer 10.00% answer answer here.) here.) here.) 4. The official unemployment rate is calculated by the Bureau of Labor Statistics. However, it does not provide a fully accurate measure of the current conditions of the labor market. We've learned that both high and low unemployment rates can be misleading. Based upon the material from this unit, answer the following questions. a. How does the U.S. government officially measure employment and unemployment in the economy? (Enter response here.)w UNIT 2 BU204 - MACROECONOMICS b. Why does the official unemployment rate likely underestimate the actual level of unemployment in the economy? (Enter response here.) c. What are some possible impacts of the current shortcomings of the unemployment rate? (Enter response here.) 5. Fifty years ago, the minimum wage in a hypothetical country was approximately $1.50 per hour. At that time, a family with two adults and two children could live in that country for about $50 per week for food and necessities. Fifty years later, the minimum wage in that country is about $8.00 per hour and the cost of living has gone up to approximately $500 per week for an equivalent family of four. a. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country? (Enter response here.) b. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years later in this hypothetical country? (Enter response here.) c. Has the country experienced inflation or deflation? (Enter response here.) d. What likely changes have happened in this hypothetical country's economy to cause this outcome? (Enter response here.) ReferencesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started