econ

2017 SPRING PRINCIPLES OF MACROECONOMICS

Worksheet Assignment-Cover Sheet

Student’s Name: _______________________________________

Class: ECON 2301________ Section: _____________________

Date: ------------------

Due Date: April 3, 2017

The Other Assignment Instructions:

Be sure to show all of your work and how you arrived at your answer. Label your diagrams clearly (where applicable). Your work must be typed and submitted electronically (via eCampus). Type your answers below each question in the space provided in this worksheet. As you type your answers, the document expands. Include the worksheet and cover sheet in your uploaded final work

Note : You will receive no score if you fail to adhere to the above instructions.

Refer to the link below for info/tutorial on how to submit your work on eCampus. Click on the link or copy and paste the same to your browser

http://ecampus.support.dcccd.edu/v91/studenttutorials/StudentAssignmentv91/StudentAssignmentv91.htm

Question 1

A. Define and explain unemployment (10 points)

	2014	2015
Population	224	227
Adult Population	168	170
#Unemployed	7	8
# Employed	105	104

B. From the given data above calculate and explain unemployment rates for 2014 and 2015 (10 points)

Assessment Codes CT, WC, EQS

Given the national income (NI) data below (All figures are in billions of dollars).

C. Compute National Income (NI) (10 points)

National Income data

	AMOUNT
Personal consumption	$9,269
Compensation of Employees (Wages and salaries)	$7,489
Gross private Domestic Investment	$2,212
Government purchases of goods and services	$2,527
Corporate profits	$1,616
Depreciation	$1,576
Exports	$1,466
Imports	$2,229
Proprietors’ income	$1,015
Sales taxes	$913
Interest	$509
Rent	$77
Miscellaneous	$47
Statistical Discrepancy	$3

Inflation data

Year	Price of Books $	Quantity of Books	Price of Pencils $	Quantity of Pencils	Price of Pens $	Quantity of Pens
2011	$50	10	1.00	100	$5	100
2012	$50	12	1.00	200	$10	50
2013	$60	12	1.50	250	$20	20

The Inflation data above shows the prices and the quantities consumed in a college bookstore. Using 2011 as the base year

D. Calculate the inflation rate between 2012 and 2013 using the CPI approach.

Calculate inflation using the GDP deflator index and explain why consumer price index (CPI) overstates inflation when compared to inflation rate determined by using GDP deflator (15 points)

Assessment Codes CT, WC, EQS

Question 2.

Using data from Bureau of Labor Statistics (BLS) Tables 2 and 3 in the months of August

2015 Seasonally Adjusted, compare and contrast Labor force participation rates (LFPR)

of four demographic groups-Whites, African –American, Asian and Hispanic.

Evaluate and discuss the differences in their LFPR (25 points)

Assessment Codes CT, WC, EQS

Question 3

Different societies view unemployment differently. Some view it as a social ill and others as an economic problem. In 250 words discuss how unemployment is viewed in your culture. Compare and contrast unemployment remedies of your culture with that of any other culture. Cite your work. (30 points)

Assessment Codes WC, SR