MACROECONOMICS Question Labour force data for country Eturia (all in millions) a

Question

MACROECONOMICS Question

Labour force data for country Eturia (all in millions) are shown in the table below. Enter your responses below rounded to one decimal place.

  
a. What are the (labour force) participation rates in each year?

    The (labour force) participation rate for 2013 is ________%, for 2014 is __________%, for 2015 is __________%.

b. What are the unemployment rates in each year?

    The unemployment rate for 2013 is ______________ %, for 2014 is _________%, for 2015 is ____________ %.

c. What are the annual inflation rates in the years 2014 and 2015?

    The annual inflation rate in the year 2014 is ____________% and for 2015 is _____________%.

d. What was the percentage increase in population in the years 2014 and 2015?

    The percentage increase in population in the year 2014 is ___________% and in 2015 is _______________ %.

e. If the population continues to increase at this rate, how long will it take for the population to double?

   It will take about _________ years for the population to double.

2013 2014 2015   Population (millions) 20 20.5 21.02   Working-age population 11 12.5 13.0   Labour force 8 9 9.5   Unemployed 0.7 0.73 0.8   CPI (2002 = 100) 105 109 111

Explanation / Answer

a.

The (labour force) participation rate for 2013 is= Labour force/ Working-age population=8/11=72.7%

The (labour force) participation rate for 2014 is= Labour force/ Working-age population=9/12.5=72.0%

The (labour force) participation rate for 2015 is= Labour force/ Working-age population=9.5/13=73.1%

b.

The unemployment rate for 2013 is

=0.7/8=8.8%

The unemployment rate for 2014 is

=0.73/9=8.1%

The unemployment rate for 2015 is

=0.8/9.5=8.4%

c.

The annual inflation rate in the year 2014 is=109/105-1=3.8%

The annual inflation rate in the year 2015 is=111/109-1=1.8%

d.

percentage increase in population in the year 2014 is=20.5/20-1=2.5%

percentage increase in population in the year 2015 is=21.02/20.5-1=2.5%

e.

use rule of 70

how long will it take for the population to double=70/2.5=28 years

the above is answer..

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