Question

1.   With the data below for an economy last year, determine the economy’s official unemployment rate....

1.   With the data below for an economy last year, determine the economy’s official unemployment rate. Clearly show your steps and calculations.
   Total population = 302.53 million. U.S. Population
   Population under 16 years old and or institutionalized = 65.25 million. 16 years & older
   Retirees and stay-at-home parents = 12.75 million. = Labor Force
Unemployed full-time college students = 78.15 million. Unemployed
Part-time workers looking for full-time jobs = 25.86 million.
Unemployed workers who are actively seeking jobs = 9.72million.
Unemployed workers who are discouraged from actively seeking jobs = 6.58 million.
Employed workers in the underground economy = 2.15 million.

2.   Discuss the impact of (a) cost-push inflation and (b) demand-pull inflation on an economy’s real output and employment.

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Homework Answers

Answer #1

Unemployment rate is calculated as:

Unemployed seeking for work/labour force*100

Labour force= total population - people below 16 years - stay at home parents-discouraged workers

302.53 - 65.25 - 12.75 - 6.58= 217.95

Here, employed is not added because it is a part of the total population.

Unemployed workers= 78.15 + 25.86+9.72 = 113.73

Unemployment rate = 113.73/ 217.95 *100=52.18% (approx)

Please ask one question at a time for detailed explanation. Thank you.

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