EconHomework2.docx - Economics 1015 Name Bethany Smith Fall 2019 Student Number 14308548 Due Friday Sep 13 6:00 PM on Canvas Homework 2 Please type in

# EconHomework2.docx - Economics 1015 Name Bethany Smith Fall...

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Economics 1015 Name: Bethany Smith Fall 2019 Student Number: 14308548 Due Friday, Sep. 13, 6:00 PM on Canvas Homework 2 Please type in or print your answers clearly. Show your work and support your numbers with calculations. 1. For each of the economic situations below, identify whether it describes a healthy economy, a recession, or short-term expansion. a. The unemployment rate is less than the natural rate of unemployment. Short Term Expansion b. Cyclical unemployment is positive. Recession c. Cyclical unemployment is negative. Healthy Economy d. Output is greater than full-employment output. Short-term expansion 2. Examine the following statistics about the economy and answer the questions below: Unemployment rate: 4.0% Labor force participation rate: 62.5% Number of unemployed: 10 million a. How many people are in the labor force? 4.0=10mil/LF x 100 Labor Force = 250 Million b. How many people are employed? 250mil – 10mil = 240 Million c. How many people are classified as not being in the labor force?

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