Assignment Instructions
Be sure to show all of your work and how you arrived at your answer. Label your diagrams clearly (where applicable). Your work must be typed and submitted electronically (via e-Campus). You may complete your work in the space provided in this worksheet. Include the worksheet and cover sheet in your uploaded final work
Note : You will receive no score if you fail to adhere to the above instructions.
Please watch this video to understand how to upload your assignment.
https://www.screencast.com/t/9vY4MTDT
Question 1
In a short (brief) paragraph using complete sentences, define unemployment and from the data below calculate and explain unemployment rates for 2014 and 2015 (20 points)
|
2014
|
2015 |
|
|
Population
|
224 |
227 |
|
Adult Population
|
168 |
170 |
|
#Unemployed
|
7 |
8 |
|
# Employed
|
105 |
104 |
Assessment Codes CT, VC, WC, EQS
Question 2A.
Given the national income accounts, (NI) data below (ALL figures are in billions of dollars) compute National Income using the Income Approach (10points)
|
National Income data |
$ AMOUNT(in Billions) |
|
Consumption |
$9,269 |
|
Compensation of Employees (Wages and salaries) |
$7,489 |
|
Investment |
$2,212 |
|
Government spending |
$2,527 |
|
Profits |
$2,631 |
|
Exports |
$1,466 |
|
Imports |
$2,229 |
|
Interest |
$509 |
|
Rent |
$77 |
Inflation data
|
Year |
Price of Books $ |
Quantity of Books |
Price of Pencils $ |
Quantity of Pencils |
Price of Pens $ |
Quantity of Pens |
|
2011 |
$50 |
10 |
1.00 |
100 |
$5 |
100
|
|
2012 |
$50 |
12 |
1.00 |
200 |
$10 |
50
|
|
2013 |
$60 |
12 |
1.50 |
250 |
$20 |
20
|
The Inflation data above shows the prices and the quantities consumed in a college bookstore. Using 2011 as the base year
Question 2B.
Calculate the inflation rate between 2012 and 2013 using the CPI approach.
Calculate inflation using the GDP deflator index; explain why consumer price index (CPI) overstates inflation when compared to inflation rate determined by using GDP deflator.
(15 points)
Assessment Codes CT, WC, EQS
Question 2C.
Using data from Bureau of Labor Statistics (BLS) Tables 2 and 3 in the months of August 2015 Seasonally Adjusted, compare and contrast Labor force participation rates (LFPR) of four demographic groups: Whites, African –American, Asian and Hispanic. Evaluate and discuss the differences in their LFPR(25 points)
https://www.bls.gov/news.release/archives/empsit_09042015.htm
https://www.bls.gov/webapps/legacy/cpsatab2.htm
https://www.bls.gov/webapps/legacy/cpsatab3.htm
Assessment Codes CT, WC, EQS
Question 3
Different societies view unemployment differently. Some view it as a social ill and others as an economic problem. For instance the USA unemployment insurance (UI) is used by the government to provide a safety net to those that have lost their jobs due to no fault of theirs. In 250 words, discuss, compare and contrast the unemployment of the USA culture with that of Singapore. Cite your work. (30 points)
Assessment Codes CT, WC, SR
Grading Rubric for Macroeconomics SLO #3 (Unemployment, National Income & Inflation)
POOR GOOD EXCELLENT
|
1.Interpretation Ability to define and explain a concept with words, equations and empirical data Unemployment Definition and Explanation (10 points) |
Poor Definition Did not include BLS key phrases
(6 points) |
Partial Definition Partially included BLS key phrases
(8 points) |
Full Definition Fully included BLS key phrases
( 10 points) |
|
2a. Data Manipulation Ability to calculate from a given set results, draw appropriate conclusions based on quantitative analysis Compute National Income using Income Approach (10 points)
|
Poor Calculation Did not calculate or show work
(6 points) |
Partial Calculation partially calculated with minor errors, showed work
(8 points) |
Full Calculation Full and accurate calculation, showed work
(10 points) |
|
2b. Application / Analysis Ability to make comparison, analyze and draw appropriate conclusion Calculate inflation rates, compare CPI and GDP deflator (15 points) |
Poor Application /Analysis Did not calculate, make comparison, analyze or draw appropriate conclusion (9 points) |
Partial Application/ Analysis Partially calculated, made comparison, analyze and draw partial conclusion (12 points) |
Full Application/ Analysis Full and accurate calculation, comparison, analysis with appropriate conclusion ( 15 points) |
|
2c. Representation Ability to retrieve data from a database analyze, compare and contrast variables to form appropriate economic conclusion Compare and contrast differences in LFPR (30 points) |
Poor Did not retrieve data, used wrong data
(18 points)
|
Partial Retrieved data, partially analyzed and compared variables
(24 points)
|
Full Retrieved data, Fully analyzed and compared used wrong data
( 30 points) |
|
3. Communication Ability to write and synthesize ideas applying economic reasoning to draw inferences and appropriate conclusions. Compare and contrast unemployment culture of US and Singapore
(25 points)
|
Poor Economic Reasoning Lacks development and synthesis of ideas, economic reasoning, and failed to demonstrate intercultural competence and awareness
(16 points) |
Partial Economic Reasoning Partially developed and synthesized ideas, applied economic reasoning, but scant demonstration of intercultural competence and awareness
(20 points)
|
Full Economic Reasoning Full developed and synthesis of ideas, fully applied economic reasoning and full demonstration of intercultural competence and awareness
(25 points) |
|
Sources and Evidence (10 points) |
No citation (0 points)
|
Partial citation (8 points) |
Full citation (10 points) |