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- Unemployment rates have been higher in many European countries in recent decades than in the United States. Is the main reason for this long-term difference in unemployment rates more likely to be cyclical unemployment or the natural rate of unemployment? Explain briefly.Which of the following is not a phase or turning point of the business cycle? O A. recession B. shutdown OC. trough OD. expansion) Draw the table below in your answer booklet ai1d fill in columns'4, 5 and 6 to answer parts (i, ii, iii below) . Table: macroeconomic data for J(enya f'rom 2009-2014 Year Nominal GDP GDP Deflator Real GDP Real growth of output Inflation rate 2009 72923.06 787 100.00 20 i.O 78587.49261 102.09 2011 89954.66291 113.11 2012 1001.61.0889 123.72 2013 108273.9543 129.97 20]4 119421.4024 139.75 1. Calcul a te the annual real GDP for the period 2009 to 2014 2. Calculate the annual real growth rate of output for the period 2009 to 2014 3. Calculate the inflation rate for the period 2009 to 2014
- 11. In our model, the affects of changes on wages are ambiguous because the income and substitution effects move in opposite directions. How do (many) macroeconomists deal with this ambiguity in terms of study- ing business cycle? How do economists resolve this ambiguity when studying long term economic development?Price Level Figure 9-3 LRAS 0, 90₂ Real GDP Refer to Figure 9-3. If the economy is in equilibrium at point B, a the (actual) unemployment rate is equal to the natural unemployment rate. b. the (actual) unemployment rate is greater than the natural unemployment rate. SEAS, SRAS SRAS QNatural Real GDP AD c. the (actual) unemployment rate is less than the natural unemployment rate. O d. the relationship between the (actual) unemployment rate and the natural unemployment rate cannot be determined from the available information.Bob is laid off his job because of a recession. O A. seasonal O B. frictional C. structural O D. cyclical E. not counted
- The graph refers to a large increase in gasoline prices. Price Level P₂ P1 Which of the following is likely to result? O a rise in inflation Y2 Y1 O long run economic gains O short run economic gains O natural rate of unemployment remains constant AS AS AD Real National IncomeThe figure belaw shows data points for real GDP growth and the change in the unemployment rate for 24 different years in Brazil. Brazil (1990–2013) y =-0.1183x + 0.4161 R = 0.2247 2 2009 -2 -6 -1 0 9. Real GDP growth (%) Based on the figure, which of the following statements is true? O The unemployment rate increased in all the years that real GDP growth was negative. O Okun's Law appears to be true in Braril. The largest decrcase in the unemploymont rate way during 2009 The equation for the line of best ht predicts that unemployment won't change when real GDP growth ON Change in unemployment rate (%) 6 4 N OIn the Independent Reading's review of the Great Depression, we read that during the Great Depression: the United States was the only economy that experienced a downturn in production. O the United States was the only country that raised taxes, an action that helped the U.S. economy recover quickly. the United States was the only country that raised interest rates, an action that helped the U.S. economy recover quickly. some countries raised interest rates and raised taxes, actions that deepened the downturn.
- The CPI tracks the average change in prices of a basket of goods and services overtime, whereas the UNRATE is the percentage of the labour force that is unemployed.By examining the cointegration between these two variables, you can gain insightsinto the relationship between inflation and unemployment in the US economy. Thequarterly series is complete and seasonally adjusted. a) From a theoretical perspective, are these two series expected to becointegrated? Justify your answer. b)How do expectations about future economic conditions influence the speed ofadjustment? Are there any other factors that might affect the speed of adjustment?The current Px for U of M baseball caps is $25. At that price, 5,000 units are supplied each month, while 4,500 units are demanded each month. Given that information, we know the: there will be an increase in the Px in the future. quantity exchanged in the market is 4,500 units and there is a surplus of 500 units. quantity exchanged in the market is 5,000 units and there is a shortage of 500 units. there will be a decrease in the Qdx in the future.What is the contractionary phase of the business cycle characterized by? O reduced output and increased unemployment increased output and increased unemployment reduced output and reduced unemployment increased output and reduced unemployment