Principles of Macroeconomics

In this real-life example, is Johnathan part of the labor force? Is Lesette part of the labor force? Johnathan is part of the labor force; Lesette is not part of the labor force. Johnathan is not part of the labor force; Lesette is part of the labor force. Neither Johnathan nor Lesette is part of the labor force. Both Johnathan and Lesette are part of the labor force. The table below reports the employment situation for actors nationally for 2007 and for the fourth quarter of 2008 after the economy started to deteriorate. a. Fill in the missing data for the number of unemployed actors and the unemployment rate. Employment Situation for Actors (thousands of workers)   labor force employed unemployed unemployment rate   2007, full year 37 28 9   24   %   2008, fourth quarter 38 21 17   45   % Data: National Endowment for the Arts, March 2009 b. How many percentage points did the unemployment rate for actors rise between 2007 and the fourth quarter of 2008?   21   According to the Bureau of Labor Statistics, the average annual wage for actors in the New York area is $35 an hour. a. If the actor is working full-time for a year (40 hours a week for 50 weeks), how much do they earn for a year? $ 70,000   b. If they are unemployed roughly half the time, how much do they earn for the year? $ 35,000  

ECON | 2301 | Principles of Macroeconomics | lab | In this real-life example  is 

1994 $8,863,000 $7,072,000 260.7 $ 33,997     $ 27,127     1996 $9,426,000 $7,816,000 265.5 $ 35,503     $ 29,439     1998 $10,275,000 $8,747,000 270.3 $ 38,013     $ 32,360     2000 $11,216,000 $9,817,000 282.4 $ 39,717     $ 34,763     On the accompanying graph, illustrate (A) nominal per capita GDP and (B) real per capita GDP for each year using the data given: Instructions: 1. Before plotting any points on the graph, be sure to round the nominal per capita GDP and real per capita GDP to the nearest whole thousand for plotting. For instance, if your answer is $35,503, plot your point as $36,000. 2. Use the tools provided to plot Real per capita GDP (Real) and Nominal per capita GDP (Nominal). Plot 6 points total for each line.   Instructions:  Enter your responses as a percentage rounded to the nearest whole number. (a) By what percentage did nominal per capita GDP increase from 1990-2000? (Note: The formula for calculating a percentage change is New Value - Old Value/ Old Value). 50    % (b) By what percentage did real per capita GDP increase from 1990-2000? 24    % (c) In how many years did nominal per capital GDP decline? 0    years (d) In how many years did real per capita GDP decline? 0    years According to the "In the News" below: In the News: Material Wealth vs. Social Health  National income accounts are regularly reported and widely quoted. They do not, however, adequately reflect the nation’s social performance. To measure more accurately the country’s social health, a Vassar College team of social scientists devised an Index of Social Health with 16 indicators, including infant mortality, drug abuse, health insurance coverage, and poverty among the aged. According to this index, America’s social health increased only 5.6 percent from 1990 to 2009, despite a 30.4 percent increase in real GDP per capita.   Do per capita GDP data overstate or understate the rise in the U.S. well-being since 1990? Overstate   Use the following data to answer the questions below: Consumer goods and services $10,000 Wages and salaries 9,000 Corporate profits 1,000 Investment in plants, equipment, and inventory 2,500 Proprietor's income 1,500 Taxes on output and imports 1,000 Depreciation 1,500 Exports 1,500 Government goods and services     3,000 Imports 2,500 Rents 500 What is the value of: Instructions:  Enter your responses to the nearest whole number. (a) Total output (GDP)?

Courses in ECON

Popular Documents from Central Texas College

Central Texas College

Central Texas College