If the unemployment rate is approximately 6.1% then it must be true that there is Unemployed = 5 million persons & Employed = 150 million persons Unemployed = 10 million persons & Employed = 155 million persons Unemployed = 2.5 million persons & Employed = 75 million persons Unemployed = 15 million persons & Employed = 175 million persons
Q: Full employment unemployment rate" (also called the natural rate of unemployment) is defined as…
A: Unemployment refers to a state of joblessness during which an individual who is eligible, willing,…
Q: Suppose that half of those officially counted as unemployed become discouraged and drop out of the…
A: Unemployed people in the city = 150,000. Size of labour force= 220000+80000+150000= 450000…
Q: Suppose that the natural rate of unemployment is 5.7 percent. If unemployment has for some time been…
A: It is known that Natural unemployment rate is 5.7%. The actual unemployment lies between the range…
Q: For the January 2020 Press Release, answer the following question. a. For Columns 2, 3, 5, 6 use…
A: a) Here we are given the Press Release of January 2020 and we have to give scores for each…
Q: A person who has been fired is not considered unemployed? True or False
A: A person is said to be unemployed when he is able to work and is willing to work but not getting…
Q: Frictional unemployment may exist under full employment level. True/False
A: Full employment refers to a situation whereby I almost everyone who is willing to work is having…
Q: Imagine that there are 160,000 people in the population of working age. 150,000 have jobs, 5,000 do…
A: Given: Total population = 160,000 Employed = 150,000 Unemployed = 10,000 Out of this, 5000 people…
Q: In which year did the economy above most likely have an actual unemployment rate equal to the sum of…
A: The economies around the globe are involved in various economic, and financial transactions, and…
Q: Suppose the unemployment rate is 8 percent and the natural unemployment rate is 6 percent. If…
A: Okun's Law depicts the relationship between the unemployment in the economy and the GDP.…
Q: unemployment
A: The workforce cooperation or participation rate is the quantity of people in the workforce as a…
Q: If the number of people classified as unemployed is 20,000 and the number of people classified as…
A: Unemployment rate refers to the proportion of individuals United Nations agency area unit currently…
Q: When the following events happen, does the unemployment rate rise, fall, or stay the same? Briefly…
A: The unemployment rate is the proportion of employed people who are also unemployed in a given…
Q: Frictional unemployment is inevitable simply because the economy is always changing.” Do you agree…
A: Unemployment occurs in economics when people are out of work while actively looking for work. The…
Q: Calculate the unemployment rate based on the following information: Working-age population: 219…
A: Unemployment is an economic problem that occurs when people who are able and willing to work fail to…
Q: Which statement is CORRECT? The unemployment rate calculated by the Bureau of Labor Statistics…
A: The Bureau of Labor Statistics is an authority in the United States that maintains record of the…
Q: Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0.…
A: (Q) Suppose the labour force of an economy is equal to 1,000 and the unemployment in December 2010…
Q: Suppose the official unemployment rate is 10 percent. We can conclude without question that a. the…
A: Unemployment is a situation where a qualified job seeker is unable to find a job. Economists and…
Q: The unemployment rate in a town in which 85,300 persons are employed and 13,000 are unemployed…
A: The unemployment refers to the economic condition where the a worker wants to work but still he does…
Q: Suppose that the employment rate is 55.0% and unemployment rate is 5.0%. What is the participation…
A: The participation rate is the percentage of the total population employed and actively looking for…
Q: Part-time workers are counted as: unemployed and therefore the official unemployment rate may…
A: Part-time workers are often counted as employed, such that when estimating the official unemployment…
Q: During the Great Recession of 2008, many workers became discouraged and dropped out of the labor…
A: Labor force is a sum of people unemployed and people employed.
Q: Suppose that in an economy the structural unemployment rate is 2.1 percent, the frictional…
A: Cyclical unemployment is the type of unemployment where people loose their job as per economy trend…
Q: Consider the following scenarios and explain for each what the effect is on the official…
A: a. Unemployed workers who stop looking for work are referred to as "discouraged" workers, and they…
Q: If the actual rate of unemployment were 4.2%, while the natural rate of unemployment were 4.8%, what…
A: Cyclical unemployment is the natural unemployment which is comprised of structural and frictional…
Q: Discuss why the unemployment rate indicator has been criticised for underestimating the level of…
A: When the number of people unemployed is calculated using the rate of unemployment obtained. This…
Q: Carrie is 21 years old and had just graduated from university. She wants to find a job in the hotel…
A: The measure that depicts individuals who are employable currently and also have been seeking a job…
Q: Suppose a government report about a country's employment situation reveals the following data (all…
A: 1) If the country in question is the United State, these data are obtained from Household Survey. 2)…
Q: Suppose a country surveys households and finds that 135 million people can be classified as being…
A: Total number of Employed = 135MillionTotal number of Unemployed = 7Million Total number Labour force…
Q: In an economy with an adult population of 120 million, total employment of 90 million, and…
A: A person is said to be a unemployed when he or she is unable to find job at market prevailing wage…
Q: The natural rate of unemployment is a. when the economy is at potential GDP. b. when the…
A: The natural rate of GDP occurs when there is full employment ie everyone who is willing to work has…
Q: In a country with a population of 75 million people there are 19 million children under the age of…
A: Labor force =employed + unemployed Labor force =47+8=55 million
Q: The table below shows unemployment and labor force statistics for an economy. Actual rate of…
A: When the discouraged workers re-enter the labor force, the total labor force would be now:
Q: Official unemployment rates may underestimate the true rate of unemployment because the official…
A: GIVEN DATA The official unemployment rate may underestimate the true rate of unemployment because…
Q: "It is possible to have a situation where the nominal wage is rising and the price level is falling,…
A: The wage rate which is adjustable for inflation is referred to as real wage. The wage rate, which…
Q: When a country is operating at its potential GDP, unemployment is at the natural rate there is no…
A: Potential GDP is a basically a theoretical construct that estimates the value of the production that…
Q: How do economists define unemployed workers? Group of answer choices Although currently working,…
A: Labor Force include two types of workers-Employed workers and unemployed workers.
Q: Yermo, California, has a labor force of 5,000 persons and employment of 4,100. The unemployment rate…
A: Unemployment can be calculated as follows:
Q: Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by…
A: Unemployment is a term alluding to people who are employable and effectively looking for a job yet…
Q: The table below shows unemployment and labor force statistics for an economy. Actual rate of…
A: 1. The number of people employed part-time must be included in the labor force. The persons not…
Q: Structural unemployment a. arises from mismatches between available jobs and workers' skills or…
A: Structural unemployment occurs when people lack the basic skills needed to do the job or live far…
Q: The unemployment rate may underestimate the true extent of unemployment if: many part-time…
A: In an economy, unemployment rate is the proportion of labor force that is actively looking for job…
Q: A person who has been field is not considered unemployed? True or False
A: When an individual does not work full-time or takes a job that does not match their actual training…
Q: Assume that 2 million individuals enter the labor force this month and all of them find jobs. This…
A: GIVEN Assume that 2 million individuals enter the labor force this month and all of them find…
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- Suppose that the employment rate is 55.0% and unemployment rate is 5.0%. What is the participation rate? (Submit your answer in percent terms with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)If one of the item in a simple aggregate price index is milk, the index will be unchanged if the price of milk is expressed in dollars per quart instead of dollars per gallon. In a Passche index, prices are weighted according to the quantities of the various items in the base period. The Consumer Price Index is a simple aggregate index.One application of the Consumer Price Index is to automatically increase wages or benefits through its inclusion in labor contracts. "Real income" refers to the amount money available after government taxes have been paid. The Producer Price Index measures changes in the physical volume or quantity of output of manufacturing, mining, and electric and gas utilities. TRUE OR FALSESuppose that in an economy with production equal to the natural level, Y=A*N, Yn-5000, L=6250 and A=1. We know that the natural rate of unemployment of this economy is: 1. 0.15 2. 0.25 3. 0.2 4. 0.1.
- In Okunland, a country whose economy operates according to Okun's law, real GDP equals $7,520 billion, potential GDP equals $8,000 billion, and the actual unemployment rate is 8 percent. What is the natural rate of unemployment in Okunland? Multiple Choice 11 percent 2 percent 5 percent 6 percentSuppose that the average annual growth rate of nominal GDP over a period is 6.8% and the average annual inflation rate over the same period is 3.7%. What is the growth rate of real GDP? Use the exact formula and express your answer in percentage rounded to the nearest first decimal.Suppose the unemployment rate is 7% under one of these two outcomes and 5% under the other. Based on the previous graph, you would expect to be associated with the higher unemployment rate (7%).
- Suppose the official unemployment rate is 10 percent. We can conclude without question that a. the same 10 percent of the people in the economy were out of work for the entire year.b. 1 out of every 10 people in the civilian labor force is currently unemployed.c. the same 10 percent of the people in the civilian labor force was out of work for the entire year.d. every person in the civilian labor force was out of work for 10 percent of the year.The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of people discouraged workers 2 million Would the number of people employed part-time be included in labour force or not? Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?Using a separate set of AS-AD diagrams for each of the following scenarios, explain what is likely to happen to the output (Y), unemployment, price level, and inflation in the short run, making sure to explain the shifts in any curve: a. U.S. households decide to save more and more than doubles the total savings per year. b. With the news of rapid vaccinations, the consumer and business confidence surges. c. Natural gas is now the most important source of power in the U.S. And, since the advent of fracking, it is also the cheapest. New administration imposes a ban on fracking which increases the prices of not only natural gas, but all carbon fuels. d. The U.S. is currently described as mostly recovered from the pandemic induced recession. Congress and the White House enacts a $2 Trillion “infrastructure” spending.
- According to Okun’s Law, how much must U.S. real GDP grow in 1 year in order for the U.S. unemployment rate to decline by 1.5 percentage points in 1 year? According to Okun’s Law, how much must U.S. real GDP grow in 1 year in order for the U.S. unemployment rate to decline by 1.5 percentage points in 1 year? 6% 7% 5% 4%Suppose 25,000 persons become unemployed. You are given the following data about the length of unemployment spells in the economy:Duration of Spell (in months) Exit Rate1 0.602 0.203 0.204 0.205 0.206 1.00where the exit rate for month t gives the fraction of unemployed persons who have been unemployed t months and who “escape” unemployment at the end of the month.a. How many unemployment-months will the 25,000 unemployed workers experience?b. What fraction of persons who are unemployed are “long-term unemployed” in that their unemployment spells will last five or more months?c. What fraction of unemployment months can be attributed…True/False/Uncertain Unemployment can arise in an economy even when there is no imbalance between the number of available workers and number of available jobs; and there is no mismatch between the skills of available workers and skill requirements of available jobs. The long-run labor demand is more elastic than the short-run labor demand as firms can adjust both capital and labor in the long-run; and they can fully take advantage of changes in the price of labor. The answers should be very clear and detailed, THANK YOU!!!
