Group Work Macro GDP, Unemployment, Compounding and Inflation (Show all your wor
ID: 362474 • Letter: G
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Group Work Macro GDP, Unemployment, Compounding and Inflation (Show all your work) What are the three main types of unemployment discussed in this class? Briefly explain each one 1) 2) 3) What are the two main reasons the unemployment rate might underestimate unemployment. Briefly explain each one Complete the following table. Circle the value of GDP in the column "value of sales". Answer 1-3 using this table Value of Sales Value added Sheep Ranch Wool Processor Suit Manufacture Wholesaler Retail Outlet Total 240 360 440 540 700 2280 1. What is the value of GDP? 2. What is the value of GDP using the value added method (show your calculations). 3. GDP and value added should not be the same? (A) True (B) False GDP percentage question. U.S. National-Income aggregates 2003 for the country CRC. Complete the following table Expenditure Categories Dollar amounts Percentage of total output Consumption goods & services Investment 268 64 48 Imports Federal government purchases State and Local government purchases 18 4. Which category has the largest percentage share of total output? What is its share?Explanation / Answer
Three main types of unemployment are -
Cyclical unemployment- it occurs when recession comes in the economy and people lose jobs which is knows as cyclical unemployment. It is majorly due to ups and downs in the economy.
Frictional unemployment- it occurs when people leave their jobs in search for a new and better job. But they remain unemployed for quite a period of time. This may also be due to saving up enough from previous job to find home and get a new job with better earning opportunities. This is known as frictional unemployment.
Structural unemployement - it occurs when there is mismatch between the placing of skilled and unskilled workers in the economy. To explain it further , skilled workers are needed by the employer but they have employed unskilled workers and vice versa. This is a mismatch.
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