Question

Unemployment/Inflation HW: Name: 1) What type of unemployment do each of the following people face? a) Kasper recently finished college w a degree in underwater basket weaving. Seasonal unemployment b) Jane recently finished college w a degree in finance. - frictional employment c) Billy (a world class surfer) lives in Denver. -structural unemployment d) Eleanor, a pilot, is laid off due to cutbacks at her airline in 2009. Cyclical unemployment 2) Determine the impact on each of the following if 2 million formerly unemployed people decide to return to school full-time and stop looking for work: a) The labor force participation rate decrease b) The size of the labor force decrease c) The unemployment rate decrease 3) Suppose that the US non-institutional adult population is 230 million and the labor force participation rate is 67%. a) What is the size of the US labor force? 0.67 x 230 million = 154.1 million b) If 85 million adults are not working, what is the unemployment rate? 85 / 154.1 = 55.16% 4) If consumers purchase 365 packages of Twinkies, 1000 gallons of gas, and 12 months of cable& internet with the following base year prices (Twinkies = $0.79, Gas = $3.12/gallon, and cable&internet = $65/month), collect the current year prices, and calculate the rate of inflation/deflation.

          Unemployment/Inflation HW: Name: 
1) What type of unemployment do each of the following people face? 
a) Kasper recently finished college w a degree in underwater basket weaving. Seasonal unemployment 
b) Jane recently finished college w a degree in finance. - frictional employment 
c) Billy (a world class surfer) lives in Denver. -structural unemployment 
d) Eleanor, a pilot, is laid off due to cutbacks at her airline in 2009. Cyclical unemployment 
2) Determine the impact on each of the following if 2 million formerly unemployed people decide to return to school full-time and stop looking for work: 
a) The labor force participation rate decrease 
b) The size of the labor force decrease 
c) The unemployment rate decrease 
3) Suppose that the US non-institutional adult population is 230 million and the labor force participation rate is 67%. 
a) What is the size of the US labor force? 0.67 x 230 million = 154.1 million 
b) If 85 million adults are not working, what is the unemployment rate? 85 / 154.1 = 55.16% 
4) If consumers purchase 365 packages of Twinkies, 1000 gallons of gas, and 12 months of cable& internet with the following base year prices (Twinkies = $0.79, Gas = $3.12/gallon, and cable&internet = $65/month), collect the current year prices, and calculate the rate of inflation/deflation.

Unemployment/Inflation HW: Name:
1) What type of unemployment do each of the following people face?
a) Kasper recently finished college w a degree in underwater basket weaving. Seasonal unemployment
b) Jane recently finished college w a degree in finance. - frictional employment
c) Billy (a world class surfer) lives in Denver. -structural unemployment
d) Eleanor, a pilot, is laid off due to cutbacks at her airline in 2009. Cyclical unemployment
2) Determine the impact on each of the following if 2 million formerly unemployed people decide to return to school full-time and stop looking for work:
a) The labor force participation rate decrease
b) The size of the labor force decrease
c) The unemployment rate decrease
3) Suppose that the US non-institutional adult population is 230 million and the labor force participation rate is 67%.
a) What is the size of the US labor force? 0.67 x 230 million = 154.1 million
b) If 85 million adults are not working, what is the unemployment rate? 85 / 154.1 = 55.16%
4) If consumers purchase 365 packages of Twinkies, 1000 gallons of gas, and 12 months of cable internet with the following base year prices (Twinkies = 0.79, Gas =3.12/gallon, and cable internet = 65/month), collect the current year prices, and calculate the rate of inflation/deflation.

Added by Crystal E.

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