03 Jun Question 1. (25 points – 5 points each part)
Question
1. (25 points – 5 points each part)
a. On the Colbert Report, March 17, 2008, Stephen Colbert makes fun of the fact
that the unemployment rate fell even though less people are working (feel free to
Google it). Using the formula for the unemployment rate, show how this, the
idea that the unemployment rate can fall even though less people are employed,
is not as unusual as one may think. Be specific as to what happens, exactly, to the
numerator and the denominator of the unemployment rate expression.
We are now going to use real economic data to confirm that this phenomenon,
the fact that the unemployment rate can fall along with the employed did occur
just as Stephen Colbert said. Stephen was referring to the one month change in
the unemployment rate between January and February 2008.
b. Go to FRED and using the series UNRATE, confirm that the unemployment rate
did fall between these two months (simply report the statistics from FRED)
c. Using FRED again, search for NPPTTL (these are payrolls – the number of
people working) and confirm that payrolls did decline between these two months.
d. Finally, using FRED once again, search for UNEMPLOY (the number of people
unemployed) and confirm that your reasoning in part a) above was correct.
e. Suppose you are talking with someone, call her Mary, shortly after this
particular report came out. Mary was trying to convince you that this report,
showing that the unemployment fell between January and February 2008, clearly
indicates that labor market conditions are getting better. Given that you know the
facts, give Mary two specific reasons that suggest that labor market conditions
are getting worse rather than better.
2. (20 points total, 5 points each part) The table below shows the hypothetical basket(s) of
consumption goods for a ‘typical’ Penn State college student for 2012 and 2013. Answer
the following questions using the information in the table.
2012 Basket for typical PSU college student
2013 Basket for typical PSU college student
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.