1). Part of the information released in the Employment Situation Summary concerns how long individuals have been unemployed. Go to www.bls.gov to find the latest report. Use the same technique as in Problem 1 to find the Employment Situation Summary. Near the end of the Employment Situation, click on table A-12, titled “Unemployed persons by duration of unemployment.” Use the seasonally adjusted numbers to answer the following questions.a. How many workers were unemployed less than 5 weeks? What percentage of all unemployed workers do these workers represent? How do these numbers compare to the previous month’s data?b. How many workers were unemployed for 27 or more weeks? What percentage of all unemployed workers do these workers represent? How do these numbers compare to the previous month’s data?c. How long has the average worker been unemployed (average duration, in weeks)? How does this compare to the average for the previous month’s data?d. Comparing the latest month for which there are data with the previous month, has the problem of long – term unemployment improved or deteriorated?_____________________________________________________2)With its tradition of a job for life for most citizens, Japan once had a much lower unemployment rate than that of the United States; from 1960 to 1995, the unemployment rate in Japan exceeded 3% only once. However, since the crash of its stock market in 1989 and slow economic growth in the 1990s, the job – for – life system has broken down and unemployment rose to more than 5% in 2003.a) Explain the likely effect of the breakdown of the job-for-life system in Japan on the Japanese natural rate of unemployment.b. As the accompanying diagram shows, the rate of growth of real GDP has picked up in Japan after 2001 and before the global economic crisis of 2007–2009. Explain the likely effect of this increase in real GDP growth on the unemployment rate. Is the likely cause of the change in the unemployment rate during this period a change in the natural rate of unemployment or a change in the cyclical unemployment rate?_____________________________________________________3)You are hired as an economic consultant to the countries of Albernia and Brittania. Each country’s current relationship between physical capital per worker and output per worker is given by the curve labeled “Productivity1” in the accompanying diagram. Albernia is at point A and Brittania is at point B. and there is a diagram i’ll uploude it with filesa. In the relationship depicted by the curve Productivity1, what factors are held fixed? Do these countries experience diminishing returns to physical capital per worker?b. Assuming that the amount of human capital per worker and the technology are held fixed in each country, can you recommend a policy to generate a doubling of real GDP per capita in Albernia?c. How would your policy recommendation change if the amount of human capital per worker could be changed? Assume that an increase in human capital doubles the output per worker when physical capital per worker equals $10,000. Draw a curve on the diagram that represents this policy for Albernia.
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