27. Kathryn chooses to go to college full-time rather than to work. Kathryn a) i

Question

27. Kathryn chooses to go to college full-time rather than to work. Kathryn a) is not part of the labor force. b) is part of the labor force and what economists call a discouraged worker c) is part of the labor force, but not actively seeking work d) is considered employed 28. Hometown, USA. has a labor force of 78.567 persons and employment of 74.382. The unemployment rate for the city is: a) 5.3 percent b) 5.6 percent c) 6.0 percent. d) 7.1 percent 29 -30. True and False Questions 29. Luke has lent his friend Mitch some money. However he underestimated the rate of inflation when they agreed to a repayment and interest schedule. Mitch will benefit from the inflation 30. Unemployment rises and falls in the same direction as output over the business cycle. 31-33] The following table is the details for the population for age 16 or older Refer to the table and answer the questions Looking for job (having job) 200 (180) Not looking for job Total 700 500 Housewife Students Prisoners Hospital & Home care Retired Others Total 900 600 50 60 100 1.250 2.960 100 (50) 60 50 40 (18) 1.200 (1.1O0) 31. Suppose total population is 3,500, then how many are the age below 16 32. Find the total labor force in this economy 33. Find the unemploy ment rate of this economy 34. Suppose unemployment rate rises from 5% to 12%, then how much percent does GDP far S6.00 billion then what is the fregone GDP by If GDP at unemployment rate of 5% was the change in unemployment rate? (using Okun's law)

Explanation / Answer

27. a- if she is in college she is not working and therefore not part of the labor force.

28. a-No. of unemployed/ labor force= 5.3 %

29. True. When there is an inflation the value of money goes down and thus purchasing power goes down. Thus in the case of inflation debtors benefit, thus Mitch benefits.

30. False. in a recession when output falls, unemployment rises. And at a peak unemployment is low.

31. 3500-2960= 540 are below age 16.

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