macro - Assignment Questions Giovanni DeMarco...

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Assignment Questions Giovanni DeMarco Macroeconomics 151 Professor Hank Schwartz December 9, 2010
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1. Productivity is a measure of output from a production process, per unit of input. A rise in productivity would mean that output per worker per unit of time across the whole economy had generally gone up- more workers would have become more productive and less workers would have become less productive. 2. Nonfarm Business Sector: Output per Hour = +2.3% in 3rd Qtr of 2010, Hourly Compensation = +2.2% in 3rd Qtr of 2010, Unit Labor Costs= -0.1% in 3rd Qtr of 2010, Output= +3.7% in 3rd Qtr of Manufacturing Sector: 2010, Hours of All Persons= +1.4% in 3rd Qtr of 2010, Output per Hour= +0.6% in 3rd Qtr of 2010, Hourly Compensation= +1.6% in 3rd Qtr of 2010, Unit Labor Costs= +1.0% in 3rd Qtr of 2010, Output= +4.2% in 3rd Qtr of 2010, Hours of All Persons= +3.6% in 3rd Qtr of 2010 3. The unemployment rate is calculated by dividing the number of unemployed workers by the total number in the labor force in the particular area. 4. Unemployment Rate (2009) In Thousands of Persons White Men White Women Black Men Black Women Hispanic Men Hispanic Women Teenagers Total Population 6,421 4,227 1,148 1,159 1,670 1,036 1,552 17,213 5. Labor Force refers to the number of people of working age and below retirement age who are actively participating in the work force or are actively seeking employment. 6. The labor force participation rate is the "share of the population 16 years and older working or seeking work.”
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7. Participation Rate (2008) White Men White Women Black Men Black Women Hispanic Men Hispanic Women Teenager s Total Population 73.7 59.2 66.7 61.3 80.2 56.2 66.0 463.30 8. About 2.5 million people were currently employed in November 2010. 9. The average hourly earnings rate is $10.38. 10. CPI stands for consumer price index and it is used to measure the average change over time in the price paid by urban households for a set of consumer goods and services 11. The current CPI is 218.711. 12. The current U.S. population is 310,861,851 and the current world population is 6,866,198,531. 13. I choose Race and Hispanic Origin and it explained that race and ethnicity are two separate and distinct concepts. There are 5 categories on race, "American Indian or Alaska Native," "Asian," "Black or African American," "Native Hawaiian or Other Pacific Islander," and "White." There are 2 categories for ethnicity, "Hispanic or Latino" and "Not Hispanic or Latino." Race reflects self- identification by people according to the race or races with which they most closely identify. 14. Poverty is determined by comparing annual income to a set of dollar values called thresholds that vary by family size, number of children, and age of householder. If a family’s before tax money income is less than the dollar value of their threshold,
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then that family and every individual in it are considered to be in poverty. For the people that don’t live in families, poverty is determined by comparing the
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This note was uploaded on 12/14/2010 for the course ECON 151 taught by Professor Schwartz during the Spring '10 term at Ocean County College.

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macro - Assignment Questions Giovanni DeMarco...

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