Some questions about Economics

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Economics 3340 – Human Resource Economics Summer Session One, 2018 Assignment One Due Date: Wednesday May 30th, 2018 by 11:30 pm. Submission: “Assignment One” Dropbox on BrightSpace 1. Summarize what happened in each of the two provinces in the tables below. The unemployment rate declined in each region. Is that a good thing or a bad thing? Explain. Geography: Quebec Population (x 1,000) Labour force (x 1,000) Employment (x 1,000) Full-time employment (x 1,000) Part-time employment (x 1,000) Unemployment (x 1,000) Unemployment rate (percentage) Participation rate (percentage) Employment rate (percentage) Geography: Nova Scotia Mar-18 Apr-18 Change 6,964.8 6,970.9 6.1 4,531.1 4,508.3 -22.8 4,279.6 4,265.8 -13.8 3,515.0 3,493.5 -21.5 764.6 772.4 7.8 251.5 242.5 -9.0 5.6 5.4 -0.2 65.1 64.7 -0.4 61.4 61.2 -0.2 Source: Statistics Canada, Labour Force Survey, Cansim Table 282-0087 Population (x 1,000) Labour force (x 1,000) Employment (x 1,000) Full-time employment (x 1,000) Part-time employment (x 1,000) Unemployment (x 1,000) Unemployment rate (percentage) Participation rate (percentage) Employment rate (percentage) Mar-18 Apr-18 Change 796.6 797 0.4 491.4 490.5 -0.9 455 457.7 2.7 375.1 376.2 1.1 79.9 81.6 1.7 36.4 32.8 -3.6 7.4 6.7 -0.7 61.7 61.5 -0.2 57.1 57.4 0.3 Source: Statistics Canada, Labour Force Survey, Cansim Table 282-0087 2. Explain the four types of unemployment we discussed in class. What makes up the Non-accelerating Inflationary Rate of Unemployment (NAIRU) and why can it exist when the overall economy is in balance, i.e. actual GDP equals potential GDP? 3. In the table on the right the unemployment Geography: Canada Mar-18 Apr-18 Change rate remains unchanged between March and Population (x 1,000) 30,154.8 30,198.1 43.3 April of 2018. How is this possible given the Labour force (x 1,000) 19,746.9 19,758.7 11.8 Employment (x 1,000) 18,604.8 18,603.7 -1.1 level of unemployment rose? Is this a good Full-time employment (x 1,000) 15,152.7 15,181.5 28.8 change or a bad change for the Canadian labour Part-time employment (x 1,000) 3,452.2 3,422.2 -30.0 Unemployment (x 1,000) 1,142.1 1,155.0 12.9 market? Why? Unemployment rate (percentage) Participation rate (percentage) Employment rate (percentage) 5.8 65.5 61.7 5.8 65.4 61.6 0.0 -0.1 -0.1 Source: Statistics Canada, Labour Force Survey, Cansim Table 282-0087 4. Explain the difference between “Cost Push” and “Demand Pull” inflation. Why was the “Cost Push” inflation or “Stagflation” such a problem in the 1970s? Good Luck.
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Economics

Question 1
In Quebec, the population increased by 6100 while the labor force decreased by 22,800.
The rates of employment decreased by 0.2% while the unemployment rate decreased by 0.2%.
Apparently, the decrease in the rate of unemployment was a result of the decrease in labor force.
In Nova Scotia, the population increased by 400 while the labor force decreased by 900. The
rates of employment increased by 0.3% while the unemployment rate decreased by 0.7%.
Decline in unemployment rate shows increased stability in the economy. Where the percentage
of unemployed people is low, economic growth increases (Raphael, 2001). The decrease in
unemployment will enable the government to use the resources available in creating more jobs.
Also low levels of unemployment reduce the chances of inflation in the economy. In addition, it
means that the resources in the nation are fully utilized, and in the long run it will result in full
employment where all resources will be fully employed in production. A decline in the
unemployment rate indicates high rates of inv...


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