ECON 2301 Spring Worksheet Assignment

PRINCIPLES OF MACROECONOMICS

Spring Worksheet Assignment-Cover Sheet

  Student’s Name: _______________________________________
       
  Class: ECON 2301________ Section: _____________________

 Date: ------------------

Assignment Instructions
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 
Note: You will receive no scores if you fail to adhere to the above instructions.
 Ref the link below for info/tutorial on how to submit your work on ecampus. Click on the link or copy and paste the same to your browser

http://ecampus.support.dcccd.edu/v91/studenttutorials/StudentAssignmentv91/StudentAssignmentv91.htm

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

    2014
    2015

Population
    
224    
227

Adult Population
    
168    
170

#Unemployed
    
7    
8

# Employed
    
105    
104

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