Suppose that the unemployment rate is 5%, the total working age population IS 20 million. (Write your answer as XX.y%, without the %, only one decimal) Drag and drop options on the right-hand side and submit. For keyboard navigation.. SHOW MORE V 110 Labor force participation rate 150 Number of employed workers (millions) 142.5 Employment population ratio 71.25 Labor force (millions) II II II II

Suppose that the unemployment rate is 5%, the total working age population IS 20 million. (Write your answer as XX.y%, without the %, only one decimal) Drag and drop options on the right-hand side and submit. For keyboard navigation.. SHOW MORE V 110 Labor force participation rate 150 Number of employed workers (millions) 142.5 Employment population ratio 71.25 Labor force (millions) II II II II

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 1SCQ: Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9...

See similar textbooks

Similar questions

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?
What is structural unemployment? Give examples of structural unemployment.
Are U.S. unemployment rates distributed evenly across the population?
What is frictional unemployment? Give examples of frictional unemployment.
What criteria do the BLS use to count someone as employed? As unemployed?
Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.
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.
Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are not in the labor force? What are the proportions of employed, unemployed and nut in the labor force in the population? Hint: Proportions ate percentages.
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.