Sample Economics Case study Assignment
Economics is a social science that focuses on the behavior and interactions of economic agents, such as individuals and businesses, therefore students will often encounter real-world scenarios and problems involving multiple disciplines, like math, sociology, and history. When students are given the opportunity to engage in solving problems that reflect real-world situations, they often need to think critically across knowledge domains. This Assignment is intended to provide an area of work in which you are able to see the course content in a real-world situation. Doing so will help you comprehend the material more effectively.
Use the information provided below to complete the questions. Total points = 100.
Suppose that data below corresponds to the small nation of Cruzville with a population of 189 people. Of the 189 residents, 57 are under 16 years of age, and 11 are institutionalized adults. People in the last two categories are not considered to be in the labor force. Of the remaining 121 residents, 16 are without jobs and have given up searching for a job, 6 do not have a job, but are actively seeking work, 20 work part time, and the rest work full time. Over the years, the natural rate of unemployment has been found to be 7%. In 2014, the consumer price index (CPI) was 112, and in 2015 the CPI was 130.
1. According to the information provided in the GDP background information handout, a) what are the 4 categories of the expenditures approach? b) how are these categories used to calculate GDP? (8 points)
2. According to table 2 in the GDP background information handout, what are the subcategories of Personal Consumption Expenditures? (8 points)
3. According to table 2 in the GDP background information handout, what are the subcategories of Gross Private Domestic Investment? (8 points)
4. Use the data provided in Table 1 (above), to calculate (show your work) the following macro aggregates: a) Personal Consumption Expenditures, b) Gross Private Domestic Investment, c) Net Exports, d) Government Purchases of Goods and Services, e) GDP using the expenditure approach & f) GDP per Capita. (18 points)
CALCULATING INFLATION & UNEMPLOYMENT
5. Cruzville economists have been using 2013 as their base year to calculate inflation.
a) What is the CPI during the base year (2013)? b) What is the CPI for 2014? c) What is the CPI for 2015? (3 points)
6. Calculate the rate of inflation for Cruzville between the base year (2013) and 2014? In other words, what was the rate by which prices increased between those years? Round the percentage to one decimal place; that is, 4.36% is 4.4%. (8 points)
7. Calculate the rate of inflation for Cruzville between 2014 and 2015? In other words, what was the rate by which prices increased between those years? Round the percentage to one decimal place; that is, 4.36% is 4.4%. (8 points)
8. How many discouraged workers does Cruzville currently have? Is this group considered to be in the Labor Force? Why or why not? (8 points)
9. Calculate the unemployment rate for Cruzville. Round the percentage to one decimal place; that is, 4.36% is 4.4%. (8 points)
10. Once you have calculated the current unemployment rate in Cruzville, what is the corresponding “employment rate”. In other words, which proportion of the labor force is considered employed? (8 points)
11. When an economy is experiencing an unemployment rate equal to the natural rate of unemployment, it is said to be at full employment. If in Cruzville, the natural rate of unemployment is 7%, what is the “full employment rate” or ratio? In other words, which proportion of the labor force is “fully employed”? (8 points)
12. According to the data, is the economy of Cruzville performing at, above, or below full employment? Explain. (7 points)
INSTRUCTIONS FOR SUBMITTING YOUR RESPONSES
Type your response on a Microsoft Word file (.doc file), save it, and upload it through D2L. You MUST submit your response to the appropriate assignment folder by the due date. Work turned in using any format other than MS Word (.doc), may not be graded. In addition, work turned in late, via email, in my mailbox or in-class WILL receive NO CREDIT. Consideration MAY be given to late assignments for valid documented emergencies.
To submit your response, you will need access to internet, and a computer with proper software, if you don’t, you can use any of the “open lab” computers at any BC Learning Resource Center or in public libraries. No consideration will be given for not having access to the hardware, software or any other resource required to access the D2L platform.
Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. For more information review the assignment rubric.
THINGS TO CONSIDER…
You should only attempt to complete this assignment once you have finished reading, and reviewing (including taking notes) all of the textbook content for chapters 5 and 6. The background handout provided is useful but it should not be only your only reading source. An assignment of this nature may require 2 hours of reading, 1 hour to figure out the right answers and another 10 minutes to compose, edit and submit your MS Word file.
You should also be familiar with the Intellectual Standards, which are explained in the “Start Here” Unit, and also reviewed in part below.
The following Intellectual Standards; Clarity, Accuracy, Precision, Relevance, and Logic, will be used to grade your response. In other words, your grade will depend on how clear, accurate, precise, relevant, and logical your response is. As you write and draft your response, use the questions below to solicit or achieve each standard.
CLARITY: Could you elaborate further on that point? Could you express that point in another way? Could you give me an example?
ACCURACY: Is that really true? How could we check that? How could we find out if that is true?
PRECISION: Could you give more details? Could you be more specific?
RELEVANCE: How is that connected to the question? How does that bear on the issue?
LOGIC: Does this really make sense? Does that follow from what you said? How does that follow?
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For the US customers, we offer assignment and homework writing services of all kinds, including math, accounting, law, nursing, marketing, and other types of assignment help. Our customers know that they should just ask, “Can you do my homework?” and describe their paper topic, choose a quality writer, and their favorite writers will give them what they need.
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What do I get when I pay someone to do my homework assignment for me?
Plagiarism? Not on our site
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Want to clarify anything or just ask something? Chat with your writer
The person who does your homework for you is a professional writer who knows how to do their job, yet you always can make sure that they really understand what you need, leave any comments to the assignment submitted, or adjust your paper in any other way you see fit. Any questions about how the writing of your paper is going will be fully answered within the shortest period of time.
How much does it cost?
It depends on the length and complexity of the work, as well as the type of work, such as writing, rewriting, and editing (rewriting and editing cost less.) Additionally, if you need your paper to be done much faster than it normally takes, you may have to spend more money, too.
Is it legal to pay someone to do homework?
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How many writers are currently working on the site?
There are more than 250 specialists with different fields of expertise who can provide you quality academic papers. You should only pick one of them, send them your assignment requirement, and describe your preferences or expectations to get your work done.
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Helping you is our main goal
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