Jul 12, 2017 Others

Why is there unemployment even when the economy is at "full employment"? What are some “costs of unemployment”?

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Growth in Real GDP

INSTRUCTIONS:

Case Assignment

Submit a 3 page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations

  1. Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each. What is the value of real GDP produced in 2014 using 2013 as the base year? What would be the growth in real GDP?
  2. Why is there unemployment even when the economy is at "full employment"? What are some “costs of unemployment”?
  3. Use the table below:
CONTENT:

ECO 202 Name Course Instructor Date 1] Growth in Real GDP 20132014Quantity Price ValueQuantity Price Value10 shirts2020015 shirts213155 hamburgers52510 hamburgers660225375 Real output for 2014 with 2013 base years Quantity Price Value15 shirts2030010 hamburgers550350 The GDP deflator= 375/350 =1.07143 Growth in real GDP = [(350-22)5/ 225] *100= 0.5556= 55.56% Unemployment The natural rate of unemployment is the rate at which the economy produces at its potential GDP, when the cyclical unemployment is zero (McEachern, 2011). Typically, the natural rate of unemployment ranges between 4 to 6% of the labor force (McEachern, 2011). At full employment the aggregate supply of labor and the aggregate demand are equal, but even at full employment there is still frictional and structural unemployment. The natural unemployment rate then exists because of the frictional and structural unemployment. Frictional unemployment occ

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