PRINCIPLES OF MACROECONOMICS
Spring Worksheet Assignment-Cover Sheet
Student’s Name: _______________________________________
Class: ECON 2301________ Section: _____________________
Be sure to show all your workings and how you arrived at your answer. Label your diagrams clearly (where applicable). Your work must be typed and submitted electronically (via ecampus). You may complete your work in the space provided in this worksheet. Include the worksheet and cover sheet in your uploaded final work
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Question 1 Instructions: Fully answer all the questions below
a. Define unemployment. (10 points)
b. The natural rate of unemployment estimated by Economists at the Congressional Budget office for the United States is 5.5%. Using the Bureau of Labor Statistics data above for monthly unemployment rates, calculate the cyclical unemployment for the months of February and March of 2014. (20 points)
Assessment Codes CT, EQS, VC
Question 2 Instructions: Using the data above for a hypothetical economy
a. Calculate the unemployment rates for 2014 and 2015 (You must show your work to receive full credit). (20 points).
b. Calculate the labor force participation rates for 2014 and 2015 (You must show your work to receive full credit). (20 points)
c. Fully describe the factors that account for the differences in the labor participation rates of both years. (30 points)
Assessment Codes CT, VC, WC EQS
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- Submitted On 03 Apr, 2017 12:25:48