ECON 210 Written Assignment 2

ECON 210

Written Assignment 2

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Read the questions carefully. Answer in clearly type written paragraphs using data collected from FRED.

• Macroeconomic Data Collection:
  2015. Choose a state (ideally choose a state that you do not know much about). Report the following statistics for the years: 2000, 2005, 2009, 2012 and 2015.
        1. The unemployment rate
        2. The level of real GDP

• The growth rate of real GDP (use the edit graph button to calculate the growth rates.)

1. Comparisons to the trend.
   1. Overlay (combine) the graph of the unemployment rate for your state with the national “natural rate of unemployment.” Save your graph as an image and paste it into the writing assignment.
2. For each year explain which type of unemployment (Frictional, Structural or Cyclical) you think was the most prominent in your state. Why?

• Labor force participation:
  1. How has the labor force participation rate changed over the past 30 years?
  2. How has the labor force participation rate changed over the past 15 years?
  3. What was the gap between the official unemployment rate (U3) and the unemployment rate that includes discouraged workers changed (U4) in 2005? What about in 2009?
  4. According to the article The force awakens:
     1. What accounts for the decline in the labor force participation rate?
     2. What is the most recent trend in the labor force participation rate?