Homework answers / question archive / Macro Exam 1 Uploaded Section a) If population 16 or older = 208 million and labor force participation rate (LFPR) = 65%, what is the size of the labor force? b) In a given year, there are 10 million unemployed workers and 120 million employed workers the country of Landia

Macro Exam 1 Uploaded Section a) If population 16 or older = 208 million and labor force participation rate (LFPR) = 65%, what is the size of the labor force? b) In a given year, there are 10 million unemployed workers and 120 million employed workers the country of Landia

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Macro Exam 1 Uploaded Section

1. a) If population 16 or older = 208 million and labor force participation rate (LFPR) = 65%, what is the size of the labor force?

b) In a given year, there are 10 million unemployed workers and 120 million employed workers the country of Landia. Calculate the unemployment rate in Landia.

 

Show all your calculations for full credit.

 

2. Use either a shift in demand of supply to GRAPHICALLY represent each of the following situations. Also, label the graphs correctly and indicate the changes in equilibrium in each case.

1. Beef market:  Increases in the cost of cattle feed.
2. Air travel market: Reduced number of travelers due to Covid-19 pandemic.
3. SUV market: Reduced gasoline prices.
4. Smartphone market: Technology improvements reduced the cost of manufacturing smartphones.

Four separate graphs please.

 

3. a) How would economic contraction brought about by Covid – 19 slowdown be represented using production possibilities curve?

b) How is improved technology resulting in increased productivity represented using production possibilities curve?

 

One graph for each question.

 

4. Good                     Quantity              Price in 1999                       Price in 2000

X                             10                           $5                                           $6

Y                              20                           $10                                         $10

Z                              5                              $6                                           $10

 

Assume year 2000 is the base year.

1. Calculate the market basket value for each year. What is the consumer price index in 1999?
2. What is the inflation rate between 1999 and 2000?

Show all calculations for full credit.

 

5. India has a higher GDP than Austria. However, Austria has a higher GDP/Capita than India. Which of the two indicators represent a higher quality of life? Why?