Suppose that in an economy working age population is 180 million, 100 million people are working, 10 million are not working but are looking for work, and 20 million are not working, will work if find one but not looking for work. The labor force participation rate

Suppose that in an economy working age population is 180 million, 100 million people are working, 10 million are not working but are looking for work, and 20 million are not working, will work if find one but not looking for work. The labor force participation rate

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 1CQQ

See similar textbooks

Similar questions

14% of working age adults are out of the labor force. What could be the real percent of adults who want to work and are not working? a) 14% b) 19% c) 10% d) All of these could be true e) None of these could be true
Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over…
What is the advantage of capital gains treatment of income compared to expensing? Explain using natural resources as an example. a. Why are capital gains considered as beneficial to natural resources stewardship and development? b. Explain how the calculation of taxes owed would be calculated.
Workers in the private sector are far more likely to have a defined benefit plan than workers in the public sector. O True O False
Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?
If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
Please no written by hand solution Assume a society consists of two economic? groups: one group is rich and the other group is poor. Suppose that 50 percent of the population is rich while the other 50 percent of the population is poor. Consider two scenarios. Scenario? A: The rich have ?$60000 ?each, while the poor have ?$2000 each. Scenario? B: The rich have ?$7500 ?each, while the poor have ?$750 each. If you only care about average income and not about? equity, you would prefer ? a or b ?, which has an average income of ?$ ________. ?(Enter your response to the nearest dollar?.) Now suppose that you only care about equity or inequality. In this? case, you would prefer ? Scenario B or Scenario A ?, which has a? rich-to-poor ratio of ________. ?(Round your response to one decimal place?.) ?Finally, suppose you only care about living standards. In this? case, you would prefer ? Scenario B or Scenario A because it has lower poverty.
In 2019, a. what percentage of the labor force was employed? b. what percentage of the labor force was unemployed? c. what percentage of the total population was employed?
The population of Ectenia rs 100 people: 40 workfull-time. 20 work hal f-time but would orefer to workfull-time, 10 are looking for a job. 10 would like towork but are so discouraRed thev have Riven up looking.10 are not interested in working because theyare fu ll-time students. and 10 are retired. What is thenumber of unemoloved?a. 10b. 200 :'10d. 40
Most of the jobs that were added to the American economy over the past thirty years were in which of the followingsectors?a. service and white-collarb. manufacturingc. miningd. skilled blue-collar
Structural unemployment is sometimes said toresult from a mismatch between the job skills thatemployers want and the job skills that workers have.To explore this idea, consider an economy withtwo industries: auto manufacturing and aircraftmanufacturing.a. If workers in these two industries requiresimilar amounts of training, and if workers atthe beginning of their careers can choose whichindustry to train for, what would you expect tohappen to the wages in these two industries? Howlong would this process take? Explain.b. Suppose that one day the economy opens itselfto international trade and, as a result, startsimporting autos and exporting aircraft. Whatwould happen to the demand for labor in thesetwo industries?c. Suppose that workers in one industry cannot bequickly retrained for the other. How would theseshifts in demand affect equilibrium wages both inthe short run and in the long run?d. If for some reason wages fail to adjust to the newequilibrium levels, what would occur?
Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6000 for a year. She has no other income, but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement-tested. Specif- ically, the individual can earn up to $9000 in annual wage income without a reduction in benefits; how- ever, after $9000 of earnings, benefits are reduced by 50 percent for every dollar earned, until the ben- efits are exhausted. a. Carefully draw and label the budget constraint for this individual. b. Consider an individual whose labour supply decision is such that she receives YA in social security benefits, so that 0 , YA , $6000 (i.e., she receives positive but reduced benefits). On the carefully labelled diagram from part (a), show her labour supply decision. c. “Elimination of the retirement test (i.e., allowing the individual to keep all benefits, irrespective of his or her…