Reference no: EM13733274

Part -1:

The total number of workers who are officially unemployed consists of noninstitutionalized people aged 16 or older. Such workers are willing and are able to work and are actively looking for job but have not found a job. To calculate the unemployment rate, the government determines the percentage of labor force that consists of all noninstitutionalized people aged 16 years or older who either have jobs or are available for and actively seeking employment.

Tasks:

Consider a small economy comprising six people. Based on the criteria used by the Bureau of Labor Statistics, classify each person as employed, unemployed, not in the labor force, or not in the adult population-persons not in the labor force must be part of the adult population. Support your answer with an appropriate rationale.

1. Bob is a 21-year-old history major at the University of South Carolina. It's summer now, and he is working as a lifeguard in Miami, Florida

2. Maria was a 32-year-old English teacher at Green Hope Elementary School. Due to budget cuts, she was laid off at the end of the past school year. It is summer now, and after a few weeks of vacation with her family, she is currently looking for a part-time job as a tutor.

3. Heather is a 13-year-old student at Green Hope Middle School. She babysits her younger brother and does other chores, for which her parents give her an allowance of $30 per week.

4. Edward is a 75-year-old retired professor. He enjoys volunteering at the local public library.

5. John is a 46-year-old autoworker who was laid off from his job six months ago and is frustrated with his inability to find a full-time position. Last week, he took a part-time job but could work only 10 hours.

6. Sandra is a 22-year-old recent college graduate. She did not work for pay last week; however, she went for two job interviews.

Part -2:

Price Level in Japan

Between 2000 and 2003, the rate of change in price level in Japan was generally between -0.5 percent and -1.0 percent; therefore, the nation experienced a deflation.

Task:

Using the ITT Tech Virtual Library, research deflation in Japan and explain what happened to the equilibrium price level in Japan during the early 2000s. Flow did Japan's equilibrium price level adjust between the middle of 2008 and early 2010?

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