Answered: In an economy with 200 million people,…

In an economy with 200 million people, 140 million hold civilian jobs and 9 million are not working but are looking for jobs. What is the unemployment rate?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 26RQ: What is frictional unemployment? Give examples of frictional unemployment.

See similar textbooks

Related questions

Q: 5. Problems and Applications Q10 Consider the following table of long-run total costs for three…

A: When talking about economies of scale, it can be said that it is the situation when a producer is…

Q: Maipo and Pisco need to decide how to divide a cake between the two of them. Both like cake and want…

A: Nash equilibrium is such an outcome in which neither of the players have an incentive to change…

Q: Revenue and cost (dollars per unit) $20 11 10 6 d MC ATC AVC b 0 200 250 300 At the profit…

A: Here, the given graph shows the the revenue and cost curves of a firm to explain the market…

Q: National currency of a country Z is devaluated by 25%. The coefficient of price elasticity of…

A: Introduction Devaluation of the economy's currency is often thought to improve the balance of…

Q: Explain how the price leader determines a profit-maximizing price.

A: In a market, price leadership refers to the situation when a firm in the market gets some…

Q: Economic policies that involve government spending and taxes are known as .

A: Fiscal policy is the use of government spending and taxes to influence the economic activity in the…

Q: 1. The following prices and quantities produced were recorded in computer land during the years…

A: Nominal GDP = Price of Mousepads * Quantity of Mousepads + Price of Maps * Quantity of Maps + Price…

Q: Suppose that the world price of bananas is 18 U.S. cents a pound and that when Australia does not…

A: Introduction International trade is indeed the transfer of capital, commodities, and services…

Q: Illustrate the differences

A: The field of economics is distributed into microeconomics, i.e., the analysis of individual markets,…

Q: With a given amount of labor and other resources, producers in the nation of Germany can produce…

A: Opportunity cost of producing sedans in germany=SUV sacrificedSedan producedOpportunity cost of…

Q: Consider the case where there is a consumer in the market with a demand f P = 40 - 2q. A monopolist…

A: A monopoly is a sole producer of a good in the market thus acting as a price maker whereas in a…

Q: Which of the following is a benefit of global trade? a) Increased chances of trade surplus b) Better…

A: The import and export of products and services that take place beyond international borders is the…

Q: Suppose a competitive market with the inverse demand p = 100 - q. An innovation reduces the constant…

A: (a) `Using the innovation new marginal cost is 60 Now, a monopolistic firm will maximize their…

Q: Which of the following statements is true? OA. When a large proportion of income is spent on a…

A: In economics, price elasticity is the concept that is used by the market participants when they make…

Q: (a) What combination of goods x and y should a firm produce to minimize costs when the joint cost…

A: Here we have two goods x and y The joint cost function is cx,y=6x2+10y2-xy+30 The firm here has a…

Q: The deterrence hypothesis, outlined in the abstract and introduction of Gneezy and Rustichini's…

A: According to the deterrence hypothesis, criminals are rational actors who assess the costs and…

Q: Discuss methods to overcome inflation in India

A: Inflation refers to an increase in the prices of goods and services.

Q: Which of the following statements is true? OA. When a large proportion of income is spent on a…

A: If the change in quantity demanded outweighs the change in price, the demand for the good is said to…

Q: $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00- 0 5 10 15 Quantity A price floor set at a…

A: Price controls are government measures to control the prices of goods and services in a competitive…

Q: Consider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 5 6…

A: Returns to scales refers to the change in the average cost due to change in the output level.…

Q: Consider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 6 7…

A: Question related to the topic Economies of scale

Q: Engineering Economics (Replacement Analysis): Please answer the following provide explaination and…

A: Given; For overhead crane:- Estimated life; n=10years Crane can now be sold for ₱800000 Cost of…

Q: 6. Consider the following Cobb - Douglas utility function: U = XayBzY *Note, it should be assumed…

A: The Cobb–Douglas function is often used as a utility function. Utility is a function of the…

Q: Assume that a firm has the following data for the year ended 12/31/2019: Sales: $300 Depreciation…

A: Introduction Gross margin and operating margin helps to measure the income statement of a firm.…

Q: 21

A: Short run production function means where only one factor is variable in nature and other factor…

Q: Suppose that two firms produce mountain spring water and the market demand for mountain spring water…

A: A firm maximizes its profit by producing at the output level where MC equals MR

Q: Sandra has a short-run cost function of producing good 1 of c(q) = 4q2 + 40, where q is the quantity…

Q: A savings account earns interest at the rate of 6% per year, compounded continuously. How much money…

A: The information being given to us is:- Interest rate of savings account = 6% per year First…

Q: A monopolist has constant marginal cost equal to 30 and faces a market demand curve given by the…

A: (Q) A monopolist has constant marginal cost equal to 30 and faces a market demand curve given by the…

Q: Suppose we estimate the following econometric model with OLS: What does OLS do? OLS…

A: Ans. The ordinary least square method (OLS) is the method used to measure the parameter of the…

Q: Discuss the externality problem, and state Coase’s theorem as a solution. Clearly illustrate the…

A: The external cost or benefit is not included in the final cost or benefit of an item or service.As a…

Q: 6) Which of the following transactions represents debit on the current account section of the US's…

A: Introduction The balance of payment is considered a country statement that includes all the…

Q: Costs of production for each competitive firm is given by: C(q) = 1+q². Market demand is Qd = 200 -…

A: In long run competitive firm we know earn only normal profit due to free exit and entry in the…

Q: Suppose that supply and demand for vaccines can be represented by P = 100+305 and P = 500-Q,…

A: Competitive equilibrium In a competitive market with freely determined prices, competitive…

Q: give an example each of firms that you feel have small, moderate and large MES

A: The minimal efficient scale (MES) is the lowest point on a cost curve where a company can create a…

Q: Please do the both questions I will be give you Upvote 3: If a country increases its money supply…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: U = 5xq1/2. +2x2. What is the marginal rate of substitution at (1, 4)? Round your answer to two…

Q: The one saying that everything remaining constant, price and quantity demanded move in opposite…

A: As per the law of demand, the price and quantity demanded move in opposite directions but there are…

Q: Which of the following is true in the United States? O A. Only state governments can collect taxes.…

A: The answer is - D. Only the federal government can collect taxes

Q: Explain how to use the sharing economy Uber platform for transportation in South Africa?

A: Individuals and groups can profit from underutilized assets by participating in sharing economies.…

Q: Suppose Mika has budget of $600 for only two goods, x and y. The price of a Good X is $10 and the…

A: The ability of a good to fulfill human needs is demonstrated by its utility. The utility function…

Q: The following function relates price to quantity demanded: price = 100 - 3q And note that when price…

A: The price elasticity of demand is a metric of how a product's demand changes in response to price…

Q: In a time of crisis where there is a pandemic, policymakers try to encourage economic activity by…

A: The use of government spending and tax strategies to impact economic conditions, particularly…

Q: Producter of: P(lik) = -2 (²-k² + 20 ( +20k 2=4 k=S Y = 1200 how to distribute the mustment between…

A: The optimal input bundle is such where MPK / MPL = Wage rate / Cost of capitalWhere MPK = Marginal…

Q: A US company wants to arrange a forward contract to buy euros in year. The interest rates for…

A: Exchange Rate is the conversion rate between two currencies. It is the value that a person gets when…

Q: What problem with an OLS regression is instrumental variables intended to address? Failure of…

A: Ordinary Least Squares regression (OLS) is a typical strategy for assessing coefficients of direct…

Q: Suppose the function for the utility from good c is denoted as U(c)=2c1/2 . Which of the following…

A: Given Utility function: U(c) = 2c1/2. ..... (1) Where have to find marginal utility from good c

Q: Price (dollars per soda) 2.50 2.00 1.50 1,00 0.50 Market Price 0 5 10 15 20 25 Quantity (thousands…

A: The measure that depicts various quantities of goods and services being demanded at various levels…

Q: he time to assemble the first unit on a production line is 11 hours. The learning rate is 0.86.…

A: Given: First Unit (T₁) = 11 We need to find T5 (fifth unit). Formula for the learning curve would be…

Q: What does Foreign Exchange mean? Why do we see currency fluctuations?

A: Foreign exchange is term used in the international economics. The term related to currency exchange…

Question

In an economy with 200 million people, 140 million hold
civilian jobs and 9 million are not working but are looking
for jobs. What is the unemployment rate?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Are U.S. unemployment rates distributed evenly across the population?
Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other high-income countries?
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
What is frictional unemployment? Give examples of frictional unemployment.
What term describes the remaining level of unemployment that occurs even when the economy is healthy?
Whose unemployment rates are commonly higher in the U.S. economy: Whites or nonwhites? The young or the middle-aged? College graduates or high school graduates?
What criteria do the BLS use to count someone as employed? As unemployed?
Is it desirable to eliminate natural unemployment? Why or why not? Hint: Think about what our economy would look like today and what assumptions would have to be met to have a zero rate of natural unemployment.