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In: Economics

Macroeconomic data for the country of XYZ for the years 2014 and 2015 are given as...

Macroeconomic data for the country of XYZ for the years 2014 and 2015 are given as

2014

2015

Output

12,000 tons of carrots

20,000 tons of carrots

Unemployed

100 workers

50 workers

Unemployment rate

5%

2%

Population

4000 people

4400 people

Assume that XYZ produces only carrots.

What is the difference in labour force between 2014 and 2015?

a)

250 workers

b)

400 workers

c)

500 workers

d)

None of the above

Solutions

Expert Solution

Answer is “500”

2014

Unemployment rate = 5 % of labor force

Where labour force = employed + unemployed

If population is 4000, its 5 % is 200, but unemployed is 100, so labor force will be 2000 (half)

2015

Unemployment rate = 2 % of labor force

Where labor force = employed + unemployed

If population is 4400, its 2% is 88, but unemployed is 50, so labor force will be 2500 (2500 * 2/100 = 50 unemployed)

Rahul Sunny answered 2 years ago
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