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Econ11Fall2007ProblemSet_1AnswersDueSept19

Econ11Fall2007ProblemSet_1AnswersDueSept19 - A Yezer THE...

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THE GEORGE WASHINGTON UNIVERSITY Department of Economics A. Yezer Answers to First Problem Set in Econ 11-10 Fall 2007 1. Answer problems 2, 3, 4, and 6 at the end of Case and Fair chapter 1. 2. You should have found lots of tables of data on the BLS website – note that government websites give a good picture of the US economy and you should be able to use them as primary data sources to draw conclusions about economic conditions. In the last year, employment increased from just under 145.3 million to 145.8 million. In the last year, unemployment remained constant at 4.6% (that is unemployment was 7.1 million and labor force was (145.8 + 7.1) million, so unemployment was 7.1/(152.9) = 4.6% - the labor force is the sum of unemployment and employment). This is low for the U.S. economy and about half the rate of unemployment in Europe. Overall, the U.S. economy is currently characterized as high employment – low unemployment and production is high compared to the capacity to produce. Enough of the words, look at the “pictures” Source: Bureau of Labor Statistics, Current Employment Statistics Survey
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