Suppose that the unemployment rate is 5%, the total working-age population is 100 million, and the number of unemployed is 2.5 million. Determine: (i) the participation rate; (ii) the labor force; (iii) the number of employed workers; and (iv) the employment/population ratio.
Answer to relevant QuestionsIn Figure, if we had only the data from 1980 to 2012 to go on, what would we conclude about the relationship between the nominal money supply and real GDP? Explain the significance of this.Using a diagram show that if the consumer prefers more to less, then indifference curves cannot cross.Show that the consumer is better off with a lump-sum tax rather than a proportional tax on wage income (as in question) given that either tax yields the same revenue for the government. You must use a diagram to show this.Suppose that the production function zF(K, N) exhibits increasing returns to scale, to the extent that the marginal product of labor increases when the quantity of labor input increases.(a) Given this production function, ...In the simplified model with proportional taxation there can be two equilibria, one with a high tax rate and one with a low tax rate. Now, suppose that government spending increases. Determine the effects of an increase in G ...
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