Consider the following economy as of December 31st 2014:
Population at 316.1 million
Population ages 16-65 at 248.8 million
Approximately 156 million workers
GDP at $16.8 trillion
Unemployed at 8.74 million
Personal income per worker (mean) = $56,350
Personal income per worker (median) = $50,500
What is the labor force participation rate for 2014?
How many employed workers were there at the end of 2014?
What is the employment rate for 2014?
What is the unemployment rate for 2014?
What is the GDP per worker for 2014?
What is the GDP per capita for 2014?
Provide a brief description of each of the four types of unemployment and indicate the relationship any of these might have with the natural rate of unemployment.
Given the median versus mean income per worker for 2014, what might you have to say about the distribution of income for that period?
How might you explain the difference between the GDP per worker you calculated and mean personal income per worker provided?
How might you explain the difference between the median and mean incomes per worker provided? What might this tell you about the distribution of income in the economy?
What might you have to say about the nation's efficient use of its labor resources?