In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and 80,729,000 were not in the labor force. a) What was the size of the labor force in 2009? Show your work. b) What was the labor-force participation rate in 2009? Show your work. c) What was the unemployment rate in 2009? Show your work.
Q: n a study of proctored and nonproctored tests in an online Intermediate Algebra course, researchers…
A: Test whether students taking un-proctored test get higher mean than those takings proctored test:…
Q: Is the government responsible for preserving essential infrastructure if it is owned and maintained…
A: PPP - Public Private Partnership. When the private sector and public sector come together into a…
Q: Despite the cultural heritage sites always operating below their full capacity; they usually attract…
A: Deadweight loss is the fall in the total surplus of the economy which arises when the output…
Q: Consider two individuals (a rich individual and a poor individual) and two types of goods: public…
A: budget constraint refers to the curve that shows all the combinations of goods and services that a…
Q: • Calculate the unemployment rate. • Calculate the labour force participation rate. • Calculate the…
A: A measure of labour is the amount of work that people perform. The combined employed and unemployed…
Q: Solve the following using the graph: NegativeExternalities.pdf 4) Calculate the cost borne to…
A: "Since you have asked multiple questions, we will provide the solution only to the specified…
Q: According to the median voter theorem, politicians are likely to adopt more extreme positions in…
A: Median voter refers to the voter in the middle of the distribution. The median voter theorem states…
Q: How would the gum economy calculate its inflation rate? A. Inflation rate = Money growth - Velocity…
A: The quantity theory of money is defined as: MV = PYM = Money supplyV = Velocity of moneyP = Price…
Q: You and your business partners are considering applying for a franchise. If approved, you expect…
A: Economic term uses the word "opportunity cost" to describe the worth of what you must forgo in order…
Q: Susie Jones is a soda pop “addict” and wonders how much money she could accumulate if she stopped…
A: The money that is deposited as savings per period, provides some returns to the investor. If the…
Q: You are meeting with your manager this afternoon. In preparation, she has asked you to calculate the…
A: A retail year's cumulative markup is the average markup at any given point in time (such as a month,…
Q: Are nations with large underground economies likely to be happier or unhappier than one would…
A: Underground Economies are defined as economies that are parallel or shadow economies which include…
Q: A monopolist faces the demand function p=100-(q1+q2) and produces identical outputs form two plants…
A: The monopolistic firm produces where the MR = MC. The monopolist firm is considered as the price…
Q: QUESTION 4 Consider an economy with the following characteristics (all variables measured in…
A: When aggregate supply and aggregate demand are usually equal to each other, the level of income in…
Q: Suppose you run a business that specializes in producing graphic T-shirts, using labor as an input.…
A: Equilibrium is where the demand curve and supply curve intersects. Demand curve is the graphical…
Q: Do you believe that the unemployment figures are underestimated, over estimated or a combination of…
A: Introduction Unemployment refers to a situation in which people willing and able to do work, at the…
Q: Define economics and describe the two types of economic systems: capitalism and command economy.
A: Economics refers to social science dealing with the generation, distribution, and the consumption of…
Q: In 50 words, answer the following question: According to the Coase Theorem, the problem of…
A: The idea of bargaining is known to give consumers the opportunity to have surplus consumer goods. In…
Q: hat are the 3 conditions that bankers must ensure to manage their assets and liabilities? What is…
A: The banking sector manages cash, credit, and other financial transactions for both private…
Q: Philip, a resident of Calgary, has an income of $16, the price of A is $2, and the price of B is $1.…
A: Budget line is the curve that shows the combination of price of goods , quantity of goods and income…
Q: If the price of a good decreases, the Hicksian demand curve will: O Always be downward sloping. O…
A: The Hicksian demand curve is a function of prices and the level of utility. Which means that for…
Q: Consider a pure exchange economy with two goods, 1 and 2, and two consumers, A and B, who have…
A: To find the Walrasian equilibrium, we have to find the optimal consumption condition for both agents…
Q: micron Technologies made a before-tax profit of $50 million this year. The firm has no debt and 10…
A: A firm has surplus cash flows. It can pay special dividend or repurchase. We have to find various…
Q: Shift the NCO curve to illustrate the effect of capital flight. Then, on the graph representing the…
A: The equilibrium real interest rate (r*) is the short-term real interest rate that, over the long…
Q: A random sample of 866 births included 431 boys. Use a 0.01 significance level to test the claim…
A: * SOLUTION :- Given that ,
Q: QUESTION 2 Table 2 shows the data relating to employment and labour status of Country A. Assume…
A: The labor force in any given economy is determined by various factors such as industrialization and…
Q: onsider the Aggregate expenditure model. Where: AD = C + I + G + NX (1) where I, G, and NX are all…
A: Aggregate expenditure: AD = C + I + G + NX.................(1)I, G, and NX = AutonomousC = C + c*(Y…
Q: A. In the resource market, what is the impact on the demand for coal if the price of the substitute…
A: "As there are several different questions, so as per the guidelines answer is provided to the first…
Q: In which of the following situations would the supplier have the greatest power to hurt a business…
A: The supplier's initiative to show his sensitivity to the needs of the client marks the beginning of…
Q: A rough rule of thumb for the chemical industry is that OMR 1 of annual sales required OMR 2 of…
A: given that, total capital investment is OMR 3200000 working capital is 18% of OMR 3200000 net total…
Q: Consider the following table which shows a consumer's amount of expenditure on 3 different bundles,…
A: This axiom states that if the consumer has made a choice in buying a product or service over any…
Q: 1. Consider a 30-year U.S. bond paying 8 percent coupon. The interest is 10 percent. a. Find the…
A:
Q: Assume we are measuring coffee on the horizontal axis and flowers on the vertical axis. The…
A: Budget constraint is the equation that shows the quantity of two goods that can be purchased by a…
Q: Differentiate between accounting costs and economic costs. Motivate your answer with the aid of…
A: In economics, cost refers to the amount of money that an individual needs to pay to get something…
Q: The following graph shows the combinations of unemployment and inflation that existed in United…
A: The Phillips curve illustrates the negative relationship between unemployment and the inflation…
Q: How will each of the following scenarios impact the market for labour The income tax rate is…
A: You have posted multiple questions, so as per Bartleby policy only the first question is answered,…
Q: When a woman is already working, and her wages she will work more if the income effect is greater…
A: We will consider a simple model where household is choosing the bundle which includes units of…
Q: Suppose that this rate-setting game is played by the banks infinitely many times. Each bank has a…
A: Grim trigger strategy refers to the strategy where both the players cooperate in each round until…
Q: According to, "Exchange Rates-Economics U$A," gold was exported from the USA in the early 1930s…
A: Exchange rate is defined as the price of a country's money in relation to a different country's…
Q: Suppose the information in the table is for a simple economy that produces and consumes only four…
A: Nominal GDP is the product of current year quantity and current year price This means , Nominal GDP…
Q: Let us consider two types of goods in an economy: demerit goods and all other goods. The government…
A: In economics, a demerit good is one whose consumption is considered as unhealthy, degrading, or…
Q: Determine the breakeven point in terms of number of units produced per month and draw its…
A: The point at which a certain venture's entire costs and total revenues are equal is known as the…
Q: "What is the relationship between the marginal revenue product (MRP) and the demand curve for…
A: The additional income generated by hiring an additional employee is represented by the marginal…
Q: We've seen what happens when job safety regulations are imposed. Now let's see what happens when…
A: Labor supply refers to the amount of labor supplied by the individuals who are willing to work at a…
Q: 1. Assume the theory of absolute convergence is literally true. The current GDP per capita of Iran…
A: Since you have asked multiple question, we will solve first question for you. If you want any…
Q: Suppose the president is successful in passing a $5 billion tax increase. Assume that taxes are…
A: In economics, the concept of a multiplier effect is used to determine how changes in monetary and…
Q: Table 5 shows the current output levels of Wool and Cotton for Australia and New Zealand. Table 5.…
A: Opportunity cost is the cost of producing 1 good in terms of other. Opportunity cost is used to…
Q: The market structure of perfect competition has a lot of ideal qualities–hence the name perfect. For…
A: In a market system that is known as perfect competition, there are several firms offer comparable…
Q: 5名 38 32 38 25 45 42 30 26 20 38 26 P.D 。 Productive efficiency means P 74 20 MR 80 100 120 150 MC…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Tony's Tree Service is the only firm in a town that removes large trees. Tony invested in costly…
A: A market arrangement known as a monopoly has a single seller controlling the whole market. The…
In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and 80,729,000 were not in the labor force.
a) What was the size of the labor force in 2009? Show your work.
b) What was the labor-force participation rate in 2009? Show your work.
c) What was the
Step by step
Solved in 2 steps
- Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment–population ratio in each of the following scenarios. Scenario Effect On... UNEMPLOYMENT RATE EMPLOYMENT POPULATION RATION Many previously laid-off workers find jobs in new startup firms as the economy expands. (DECREASE, INCREASE OR STAY THE SAME) (DECREASE, INCREASE OR STAY THE SAME) After an unsuccessful search, some laid-off workers decide to go back to school as full-time students. (DECREASE, INCREASE OR STAY THE SAME) (DECREASE, INCREASE OR STAY THE SAME) As a result of an economic boom, many students drop out of school and start working as soon as they become adults. (DECREASE,…Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment–population ratio in each of the following scenarios. Scenario Effect On... Unemployment Rate Employment–Population Ratio An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. After an unsuccessful search, some laid-off workers quit looking for new jobs. Numerous students graduate from college and immediately begin new jobs. Advances in health care prolong the lives of many retirees.In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 143,322,000 were employed, 12,332,000 were unemployed, and 89,008,000 were not in the labor force. Use this information to calculate: a. The adult population b. The labor force C. The labor-force participation rate d. The unemployment rate
- During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.The Federal Reserve Bank of Atlanta releases its monthly Wage Growth Tracker to study trends in wages across various industries. One interesting issue is whether wages rise faster for those who stay in their current jobs (job stayers) or those who seek new opportunities (job switchers). According to the data, job stayers tend to do better than job switchers during a recession. But when the labor market is strong, job switchers experience higher wage growth than job stayers. a. During a recession, job stayers do better than job switchers because a.labor demand increases and job switchers can find jobs with higher wages. b.labor supply decreases and job switchers can find jobs with higher wages. c.labor demand decreases and job switchers cannot find jobs with higher wages. b. When the labor market is strong, job switchers experience higher wages than job stayers because a.labor demand decreases and job switchers cannot find jobs with higher wages. b.labor supply…The number of adults not in the labor force of a country equals 6 million, and the number of individuals employed is 5 million. If there are 12 million potential adult workers in the economy, what is the current unemployment rate in this country? 45 percent 67 percent 21 percent 55 percent If the opportunity cost of working outside the home increases, then ________ the labor supply curve, assuming all else equal. there will be a left shift in there will be a right shift in there will be an upward movement along there will be a downward movement along Which of the following statements is true? Technological innovation always leads to unemployment in an economy as a whole. Technological innovation can cause wages to fall for some workers in an economy. Technological innovation increases wages for all workers in an economy. Technological innovation reduces the demand for goods and services in an economy. If the annual inflation rate in an economy is i, then $1 borrowed at the…
- According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; What is the population of the people that is not included in the labour force? Show your work. 3. Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. 4. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events events. 5. Examine the causes of at least two (2) main types of inflationAccording to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; What is the population of the people that is not included in the labour force? Show your work Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events.In February 2020 the number of unemployed in the U.S. was 5.8 million and the unemployment rate was 3.5%. The vast majority of the people who were then unemployed A. were experiencing structural unemployment arising from a mismatch between skills and job requirements. B. were experiencing cyclical unemployment due to a slowdown in economic activity. C. were experiencing structural unemployment which is a type of unemployment very difficult to resolve without government intervention. D. were experiencing either cyclical or structural unemployment. E. were experiencing either frictional or structural unemployment, but not cyclical unemployment.
- A friend of yours explains that the unemployment rate for Stockton City, NJ has been declining for several months. They tell you that this is clearly a sign that Stockton City's labor market is improving quickly. You explain to your friend that this may not be a sign of an improving labor market if: a. Stockton's home ownership rate is decreasing. b. Stockton's labor force is increasing. c. Stockton's poverty rate is increasing. d. Stockton's labor force is also declining.Virtually all economists and policymakers agree that, within limits, higher employment is better. If this is true, couldn't the government create more employment by hiring people to dig holes and fill them in again? Is this good economic policy?Economists use labor-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed). Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? Situations unemployment rate employment–population ratio More meaningful one a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement.…