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Hi, i have a couple of Macroeconomics questions i need help with
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Hi, i have a couple of Macroeconomics questions i need help with

thanks

1. In the Labour Force Survey (LFS), someone who only works as little as one hour per

week is defined as employed. What implication does this have for the accuracy of the

unemployment rate statistic as a measure of true unemployment? Explain your answer (2

marks)

2. What may be the reasons for paying ?efficiency wages? and what effects should it have on

firms and workers? (2 marks)

3. Consider the following labour market data and compute the followings (where relevant,

show it to two decimal points).

Not in Labour Force

Unemployed

Employed

100

20

15

65

i) Calculate the labour force (1 mark)

ii) Calculate the percentage of people not in the labour force (1 mark)

iii) Calculate the rate of unemployment (1 mark)

iv) Calculate the labour force participation rate. (1 mark)

?The participation rate usually increases during recessions such as the global financial

crisis in 2008. This is because the probability of finding a (better paid) job decreases?. (2

marks)

5. Go to www.gapminder.org/world. In the graph shown for Y (vertical) axis select: ?Child

mortality (0-5 years dying per 1,000 born)? and for X (horizontal) axis select ?time?.

From a list of the countries on the right-hand side bar, select Singapore, Sweden, and

Venezuela. Then, Adjust time slider on the bottom to year 1880, and then press play (no

need to copy the graph here, but if you can past it here, that?s great!):

-

Describe the data you observe, contrasting the outcomes in the three countries.

(2 marks)

-

Try to provide brief explanations for these outcomes. (2 marks)

-

What is your prediction about how future outcomes will evolve in these countries?

(2 marks)

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This question was answered on: Feb 21, 2020

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