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Short Answer Questions:

1)    (4 marks in total)Computevariable indicators of unemployment using the following information. Please show all of your working. If you do not, you will receive zero marks for the question(s).

Demographic Group    Number of Residents
Full-time workers    7000    
Part-time workers    2000    
Unemployed and looking for work    600    
Unemployed and not looking for work due to
    discouragement over job prospects    500    
Not working due to disability    300    
Not working due to retirement    900    
Under the age of 16    3000    
Total Population    14300    

a)    (1 mark) What is the size of the labour force in this economy?

b)    (1 mark) Calculate the Labour Force Participation Rate for this economy. Report as a percentage to two decimal places.

c)    (1 mark) Calculate the Unemployment Rate for this economy. Report as a percentage to two decimal places.

d)    (1 mark) Suppose that the natural rate of unemployment is considered to be 5%. What is the rate of cyclical unemployment? Report as a percentage to two decimal places.


2)    (4 marks in total)
Below you can find out the per capita real GDP of the 13 countries who have joined the European Union (EU), and the EU average in 1999(both in Column A). Italso gives the GDP per capital growth rates in 2000 (Column B). Let us assume that countries will keepgrowing at the given rates until these countries reach the level of the EU average.  Answer the following questions and explain your answers and show all of your working (in order to obtain partial marks).

Country     Real GDP
per capita in 1999
(before joining EU)     Growth rate
of GDP per
capita in 2000 (%)    Ratio of per
capital GDP to
EU average in 1999    Years to
double this
    (A)    (B)    (C)    (D)
EU average    $25,660    2.7    1    -
Hungary (joined 2004)    $5218    4.8    (Q2 b)    (Q2 b)
The Czech Rep. (joined 2004)    $5170    1.5    0.2015    -
Poland(joined 2004)    $4257    5.7    0.1659    -
Slovenia(joined 2004)    $9994    3.6    0.3895    77.8
Estonia(joined 2004)    $4,259    5.5    0.166    25.0
Cyprus(joined 2004)    $13,389    2.3    0.5218    -
Malta(joined 2004)    $13,025    4.1    0.5076    50.0
Romania(joined 2007)    $2,323    7.3    0.0905    15.2
Bulgaria(joined 2007)    $1,691    4.0    0.0659    53.9
Lithuania(joined 2004)    $3,420    4.3    0.1333    43.8
Latvia(joined 2004)    $3,092    3.6    0.1205    77.8
Slovakia(joined 2004)    $3,818    5.0    0.1488    30.4
Turkey(pending)     $6,230    2.9    0.2428    350

a)    (1 mark) Just observing the above table (doing no calculations), are there any countries that will not be able to catch up to the level of per capita income in the EU based upon the assumption we have made?

b)    (2 marks) Fill in the information for Column C and D in the above table for Hungary (where it is marked as Q2b). And then, using the Rule of 70 from the textbook, how many years will the ratio of Hungary's GDP to EU average GDP take to double (hint: the growth rate of a fraction is approximately equal to the growth rate of the numerator minus the growth rate of the denominator)? How many years do you think it will eventually take real GDP per capita of Hungary to reach that of EU average?  

c)    (1 mark) The above calculation in part b) is based on the assumption that a country’s real GDP grows at a constant rate. But in reality it does not. Why is that?


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