Question

Dont need description, just answers please

A) Assume the Thai population is 70 million. If 45 million people are of working age, 25 million are employed, and 4 million are unemployed, what is the size of the labour force?

		29 million
		21 million
		16 million
		None of the above are correct

B)

Structural unemployment is 2%. Frictional unemployment is 3%. Cyclical unemployment is 1%. Which of the following statements are correct?

		the natural unemployment rate is 6%.
		The economy is at its natural unemployment rate.
		The natural unemployment rate is 1%.
		None of the statements above are correct.

C)

Real GDP in Asiapacifica is growing at 3 per cent and its population is growing at 1 per cent. In Hypothetica, real GDP is growing at 10 per cent and its population is growing at 8 per cent. Thus,

		real GDP per person in Asiapacifica is growing at a faster rate than in Hypothetica.
		real GDP per person in Asiapacifica is growing at a rate that is not comparable to that in Hypothetica.
		real GDP per person in Asiapacifica is growing at the same rate as in Hypothetica.
		real GDP per person in Asiapacifica is growing at a slower rate than in Hypothetica.

Answer 1

A) Labor force is either employed or unemployed population which is 25 million + 4 million = 29 million

Option A is correct

B) Natural unemployment = Cyclical unemployment + Structual unemployment + Frictional unemployment = 1% + 2% + 3% = 6%

Option A is correct

C) Let say population as well as real GDP in Asiapacific and Hypothetica is 100. Real GDP per capita in both country is 1

Real GDP is Asiapacific is growing by 3% which meana real GDP of Asiapacific is 103 while population is 101. Real GDP per person is (103 / 101) = 1.0198

Real GDP is Hypothetica is growing by 10% which meana real GDP of Asiapacific is 110 while population is 108. Real GDP per person is (110 / 108) = 1.0185

Option A is correct