PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 5RQ
To determine
Explain three types of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
In a given community, the unemployment rate is 5% and their working-age population is 3 Million. Labor force participation was 82% in this community in December of 2009. In January 2010 a new social security policy was implemented, allowing people to retire and collect their social security benefits earlier than expected. 200 thousand older workers retired at the end of January due to the new policy. Further, 2000 senior citizens that were out of the labor force(in December) started collecting their social security retirement benefits in January due to their past contributions. What is the Unemployment rate in February assuming everything else was fixed at their December values?
( Please round your answer to include 2 decimal places, do not include the percent sign in the answer. That is, If you find 8.33333% is the new unemployment rate, input your answer as 8.33)
Suppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10.
Calculate the official unemployment rate (as a percentage, not decimals)as calculated by the U.S. Bureau of Labor Statistics. Round your answer to two decimal places.
What is total employment as measured by the establishment survey? Use the numbers from Above
In the country of Economica, the total labor force consists of 5,000 workers. 250 of these workers are unemployed, and
thus the current unemployment rate is 5.0%.
This year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will
voluntarily leave their jobs, and 250 new workers will enter the labor force.
At the same time, 363 workers will find jobs, and 150 workers will retire or leave the labor force for other reasons.
Thus, at the end of the year, the labor force will consist of workers, and the unemployment rate will be%. (Round
your responses to one decimal place.)
Chapter 8 Solutions
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
Knowledge Booster
Similar questions
- According the U.S. labor statistics, roughly 5.8 million people were unemployed in 2006. Of these, 2.1 million were unemployed for less than 5 weeks, 1.7 million were unemployed for 5 to 14 weeks, 900,000 were unemployed for 15 to 26 weeks, and 1.1 million were unemployed for 27 or more weeks. Assume that the average spell of unemployment is 2.5 weeks for anyone unemployed for less than 5 weeks. Similarly, assume the average spell is 10 weeks, 20 weeks, and 35 weeks for the remaining categories. How many weeks did the average unemployed worker remain unemployed? Write your answer in millions of week (i.e. if your answer is 30,500,000 weeks, input 30.5 as the answer)arrow_forwardSuppose the civilian noninstitutionalized working-age population is 35.9 million in in a hypothetical economy. Of these, 4.4million are working part-time and 13.19 million are working full-time. Assume the Bureau of Labor Statistics (BLS) definitions are used for calculating unemployment data. Among those not working, the most recent job-search activity for 3.40 million happened less than two weeks ago, while 1.72million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 12.33 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places. What is the size of the total labor force? million How many people are unemployed? million What is the labor force participation rate? % What is the unemployment rate?arrow_forwardThe three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Kate just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk. Hubert left his job as an electrician when his wife took a position in another region. The quantity of electrical services demanded is considerably lower in the new region, in part because of high union- negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of electrician jobs. A recent recession has reduced the number of visitors to a local water park. The park has had to lay off many of its employees, including Poornima. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) 3.6 0.0 1.1 Frictional Cyclical Structural Total…arrow_forward
- Suppose the civilian noninstitutionalized working-age population is 35.935.9 million in in a hypothetical economy. Of these, 4.94.9 million are working part-time and 14.5314.53 million are working full-time. Assume the Bureau of Labor Statistics (BLS) definitions are used for calculating unemployment data. Among those not working, the most recent job-search activity for 2.902.90 million happened less than two weeks ago, while 1.721.72 million most recently looked for work between two and four weeks ago. An additional 0.860.86 million most recently looked for work five weeks ago, and the remaining 10.9910.99 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places. What is the size of the total labor force? ____millionmillion How many people are unemployed? ______millionmillion What is the labor force participation rate? _____% What is the unemployment rate? _______%arrow_forwardTypically, even at similar stages of the economic cycle, the unemployment rate in several West European countries is higher than in the United States. To what extent can the above observation possibly be linked or not with the fact that in Europe: (1) the unionization rate is higher (2) laws often make it more difficult to lay off people, (3) collective bargaining is more or less centralized, (4) unemployment insurance programs are relatively more generous.arrow_forwardAccording to the most recent survey conducted by Statistics Bureau of Metropolis, currently there are 14 million people between the age of 15 and 64 living in the city. If the labour force participation rate in Metropolis is 65 percent and 8.5 million people currently have jobs, what is the rate of unemployment? Options: A) 3.7% B) 7.8% C) 6.6% D) 11.4% E) 12.9% Show all working out and full explanations.arrow_forward
- This question focuses on the labor market and unemployment using the most recent U.S. data. The adult population (N) of the U.S. is approximately 259 million. The labor force is approximately 162.5 million and the number of employed workers (E) is approximately 156.5 million. What is the unemployment rate? What is the labor force participation rate? Both are lower than 2010 U.S. values (u2010 = 9.6% and LFPR2010 = 64.9%) Give two plausible reasons why each labor market indicator is lower in 2018.arrow_forwardSuppose the workingminus−age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have fullminus−time employment; 20 have partminus−time employment; 20 do not have employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal A. 30/80×100. B. 20/80×100. C. 20/100×100. D. 20/60×100.arrow_forwardWhich Professor Is Better Off? Suppose the starting salary for a new assistant economics professor was $20,000 in 1976 and $85,000 in 2014. The value of the CPI for 2014 was 236.7, compared to 56.9 in 1976. A newly-hired professor earned more in real terms in ( 1976 or 2014), with a real salary of $___ enter your response here. (Enter your response rounded to the nearest integer.)arrow_forward
- With the advent of the coronavirus pandemic the economy has gone into recession causing David’s expected duration of unemployment to increase to 35 weeks. Furthermore, the dramatic increase in the expected duration of unemployment has resulted in psychological stress from unemployment valued at $3 per hour. In the light of these developments re-calculate David’s (i) employment rent per hourarrow_forwardSuppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10. What is the labor force participation rate (as a percentage, not decimals) for this economy? Use the numbers from Question abovearrow_forwardIn 2009, based on concepts similar to those used to estimate U.S. employment figures, the Swedish adult non- institutionalized population was 7.568 million, the labor force was 4.888 million, and the number of people employed was 4.486 million. According to these numbers, the Swedish labor-force participation rate and unemployment rate were about 64.6% and 8.2%. 64.6% and 5.3%. 59.3% and 8.2%. 59.3% and 5.3%.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education