Principles of Macroeconomics Unit 4 Homework Questions
Chapter 7 Unemployment and Inflation – Questions 2, 3, 5, and 7
2. (Measuring Unemployment) Suppose that the U.S. non-institutional adult population is 230 million and the labor force participation rate is 67 percent.
a. What would be the size of the U.S, labor force?
b. If 85 million adults are not working, what is the unemployment rate?
3. (Types of Unemployment) Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:
a. A UPS employee who was hired for the Christmas season is laid off after Christmas.
b. A worker is laid off due to reduced aggregate demand in the economy.
c. A worker in a DVD rental store becomes unemployed as video-on-demand cable service becomes more popular.
d. A new college graduate is looking for employment.
5. (The Meaning of Full Employment) When the economy is at full employment, is the unemployment rate at zero percent? Why or why not? How would a more generous unemployment insurance system affect the full employment figure?
7. (Inflation) Here are some recent data on the U.S. consumer price index:
Compute the inflation rate for each year 1993-2012 and determine which were years of inflation. In which year did deflation occur? In which year did disinflation occur? Was there hyperinflation in any year?
Chapter 8 – Productivity and Growth – Questions 1, 5, and 7
1. (Measuring Labor Productivity) How do we measure labor productivity? How do changes in labor productivity affect the U.S. standard of living?
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