3610 Midterm Test Winter 2007

3610 Midterm Test Winter 2007 - YORK UNIVERSITY ATKINSON...

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1 YORK UNIVERSITY ATKINSON FACULTY OF LIBERAL AND PROFESSIONAL STUDIES SCHOOL OF ANALYTIC STUDIES AND INFORMATION TECHNOLOGY AK/ECON 3610 3.0M: Labour Economics, Winter 2007 (Instructor: Steven Wald) Mid-term Test: Feb 8 th , 2007. 7:00 – 9:00 PM There are 6 questions totalling 50 marks. (3 pages in total) Please note: Calculators are permitted. Tests can be submitted for re-grading only if done in pen (therefore, if you want to do diagrams in pencil, please go over them with pen before submitting this exam). Please only write on the lined-side of the answer booklets and show all work as partial marks for incorrect answers may be awarded. Question 1 ( 10 marks in total ) The following data were reported by Statistics Canada on Friday Jan. 5, 2007 in their Labour Force Survey report (for Canada). December 2006 Labour Force 17,714,500 Participation Rate (%) 67.2 Employment 16,484,300 a. (2 marks) Calculate the unemployment rate and employment rate for December. b. (1 mark) How many people are surveyed each month by Statistics Canada in the monthly Labour Force Survey? c. (2 marks) The United States measures unemployment slightly differently than Canada. What are two measurement differences between the Canadian and
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