Suppose the town of Boone has a total population of 50,000 people. Of those, 45,000 people are employed. There are 1,000full-time students who are not employed or actively seeking work. The rest of the people are out of work but have beenactively seeking work within the past four weeks.Instructions: In part a, round your answer to 1 decimal place. In part b, enter your answer as a whole number.a. What is Boone's unemployment rate?81 percentb. Suppose there are 2,000 people who are unemployed as a result of cyclical unemployment and 1,000 people who areunemployed as a result of structural unemployment. How many people are unemployed as a result of frictionalunemployment?2000

Total Population = 50000 peopleEmployed = 45000 peopleStudents = 1000 peopleTherefore, people who…

Answered: Suppose the town of Boone has a total…

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 35CTQ: While unemployment is highly negatively correlated with the level of economic activity, in the real...

See similar textbooks

Similar questions

Answer the following questions using any tools at your disposal. B. Suppose the economy is in a recession and the unemployment rate is exceptionally high. 5. Show that a technological breakthrough that greatly increases labor productivity could help reduce the unemployment rate without hurting the standard of living of the average worker. (You only need to use the labor market here.)
"We believe that if men have the talent to invent new machines that put men out of work, they have the talent to put those men back to work which type of unemployment was president John F. Kennedy referring to
Theories should be judged based upon how a. consistently and accurately they predict. b. famous the economist is making the prediction. c. whether they are created by public sector workers or private sector workers. d. the amount of attention given to them by the media.
The graph in figure 1.34 shows the unemployment percentage U= U(d) in the United States in year d. A-explain the meaning of U(1990) and give its value B-The great depression was a ten-year period in which an appointment was At. Historical highs judging from the graph when was the Great Depression? C-The high unemployment rate in 2010 is attributed to a severe recession. What was the most recent date before 2010 when unemployment was as high as in 2010?
Some economists argue that unions raise prices and cause unemployment by bargaining for higher wages than would otherwise be the case. Other economists argue that this is not true. Who is right and why? Solve within one hour
Writing in 1776, Adam Smith was concerned not only with the profound effects of the division of labor on productivity (as your textbook notes) but also its stultifying effect on the human capacity. InThe Wealth of Nations, Smith warned that performing a few simple operations over and over again could render any worker, no matter his or her native intelligence, “stupid and ignorant.” a. Does the division of labor in today’s economy continue to have both these effects? b. What are the policy implications? (Radical)
please explain why the answer is 25 million
Are ‘the butcher, the brewer and the baker’ just the product of Adam Smith’s prolific imagination? Rather, are they real agents of economic history? Enumerate and discuss in detail 2 arguments?
Please no written by hand Cervantes wrote "For historians ought to be precise, truthful, and quite unprejudiced, and neither interest nor fear, hatred nor affection, should cause them to swerve from the path of truth, whose mother is history, the rival of time, the depository of great actions, the witness of what is past, the example and instruction of the present, the monitor of the future" Respond to the following prompts in a post with a minimum of 150 words, commenting on other posts is optional. What was the most interesting Economic History topic/concept we covered this semester? Why?
4. (Technological Change) Does technological change create unemployment? What’s the evidence?
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.…
Question1) a) A labor market is in steady state equilibrium with unemployment rate u = 0.04 and probability of re-employment per month λ = 0.12. What is the probability of becoming unemployed in a month? b) What is the size of the labor force when the number of unemployed is U = 20,000? How long does an unemployment spell last on average? c) An increase in unemployment benefits makes the duration of unemployment spells 10 months. What is the new level of unemployment? d) In a simple job search model, the probability of an unemployed worker finding a job (λ) is equal to the probability of receiving a job offer (µ) times the probability of accepting it (p). Assume that the reduction in λ from part a) to part c) is not due to changes in unemployment benefits, but rather due to changes in µ. If p remains constant at 0.2, what is the reduction in µ? e) It is not realistic to assume that p remains constant. Explain why. Assuming that the wage distribution is fixed, in which direction…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Economics: Private and Public Choice (MindTap Cou…

Economics

ISBN:

9781305506725

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Microeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506893

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Economics: Private and Public Choice (MindTap Cou…

Economics

ISBN:

9781305506725

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Microeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506893

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Exploring Economics

Economics

ISBN:

9781544336329

Author:

Robert L. Sexton

Publisher:

SAGE Publications, Inc

Macroeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506756

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS