Suppose the unemployment rate in Economia is 8%, and there are 2 million unemployed persons in the economy. What is the size of the labor force? Write your answer in millions of people.

Q: Use a model for the labour market to answer the following question: d) Use graphs to show the…

A: Unemployment is a stage where a person is actively looking for a job but is not able to get one…

Q: Why might a favorable change to the economy such as technological change or a decrease in the price…

A: Frictional unemployment alludes to the unemployment which exists in any economy because individuals…

Q: What causes rates of unemployment in macroeconomics?

A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find…

Q: All of the following will cause unemployment except:    a.government policies b.stable prices…

A: Unemployment:- Unemployment refers to people who are qualified for a job and searching for a job and…

Q: In 2019, there were 10,000 people employed, 1,000 people unemployed, and 1,500 people not in the…

A: Answer; Employed = 10,000   Unemployed = 1000   Not in the labour force = 1500   Total number…

Q: economist might study

A: ‘Economics’ is the study of how humans interact and take decisions in the face of scarcity.  Also it…

Q: Does technological innovation create unemployment?

A: Technological innovation leads to higher production of goods and services from the same level of…

Q: if there is unemployment in the labor market, what would you recommend as a set of policies or…

A: When unemployment prevails in the economy, it is the duty of the government and central bank to…

Q: Suppose the National Assembly passes legislation making it more difficult for firms to fire workers.…

A: The labor market consists of labor demand by businesses and labor supply by households. The point…

Q: The data shows that an increase in the Provincial Minimum Wage of 60% in City A in 1999 did not lead…

A: The conventional economic thinking is that increase in the minimum wages leads to greater labour lay…

Q: Is it desirable to pursue a goal of zero unemployment? Why or why not?

A: Unemployed- Those people who are part of the working-age group, actively looking for a job but not…

Q: n 2019 there were 10,000 people employed 1000 people were unemployed and 1500 people not in the…

A: For 2019:Labor force=Employed+UmemployedLabor force=10,000+1,000Labor force=11,000

Q: Economists use labor-market data to evaluate how well an economy is using its most valuable…

A:

Q: In his song “Allentown,” Billy Joel sings about the demise of the steel and coal industries in…

A: Cyclical unemployment refers to the unemployment generated from an economic slowdown. When economic…

Q: Type of unemployment being experienced Scenario Possible strategies provided by the government to…

A: Government are of certain specific types. One of the type of government is democratic government in…

Q: If a higher minimum wage is introduced, what happens to unemployment

A: Unemployment refers to the market condition when not all the workers are getting job or it can be…

Q: According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6…

A: Given; Population of Australia= 25.6 million Population of adult over the age of above 15 years=…

Q: Why is the optimal rate of unemployment, from an economic perspective, never zero? Explain.

A: In an economy, an optimal unemployment rate is considered as the lowest natural rate of unemployment…

Q: Economy A's firms post 300 vacancies. There are 5000 employed wokers in Economy A, and no…

A: The formula for calculating the vacancy rate is: Vacancy rate = (Number of vacancies / Total number…

Q: In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of…

A: The labour force consists of each used and idle people. The labour force participation rate is that…

Q: If there are 400,000 persons aged 16 or older in the economy and 275,000 people are in the labor…

A: Given: Total Population= 400,000 Labor Force= 275,000 The labor force is calculated by summation of…

Q: Is it ever possible to have zero unemployment in an economy? Why or why not? Explain in details

A: Economic growth and unemployment are the two most important economic variables. All the policies and…

Q: During the initial months of the COVID pandemic, the number of unemployed people in the State of…

A: Unemployment is the situation where a person is looking for job and interested to work at prevailing…

Q: Which economists contributed a model of the whole economy in which there would generally, be…

A: In an economy, it can be seen that the approaches to analyze and deal with the economic issues are…

Q: According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6…

A: Unemployment: It refers to the people who are not employed in the economy or the people who do not…

Q: Refer to the production possibilities frontier in the figure answer the following questions. 100 90…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Economists use labor-market data to evaluate how well an economy is using its most valuable…

A: The concept that depicts individuals who are in turn employable and also seeking a job actively but…

Q: Briefly describe what economists do and their typical working conditions.

A: The economists deal with the issues related to a nation’s economy. The various functions of an…

Q: According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6…

A: Hi! thanks for the question but as per the guidelines, we can answer up to three subparts at one…

Q: Is unemployment typically short-term or long-term?Explain.

A: Unemployment: Joblessness happens when an individual who is effectively looking for business can't…

Q: draw and explain the life cycle path of hours worked for a person who, at age 40, suddenly wins 73…

A: Franco Modigliani introduced the life-cycle theory in 1957. According to the theory, people try to…

Q: Someone may be unemployed for all of the following reasons, EXCEPT losing a job being an entrant or…

A: A person is said to be unemployed if he/she is willing to work and looking for a job but not getting…

Q: In each case classify the individual as either employed, unemployed, or not in the labor force. 1.…

A: Unemployment is a term referring to individuals who are employable and actively seeking a job but…

Q: While unemployment is highly negatively correlated with the level of economic activity, in the real…

A: Unemployment is the situation in which the individuals are ready to do work but they are unable to…

Q: If birth rates go up, what happens to the size of the labor force in the future?

A: Birth-rate is defined in a standard way is the increment in new lives among thousands of population…

Q: When the labour market is in equilibrium, it means that the number of jobs in the economy is equal…

A: Answer: Even if the labor market is in equilibrium there exists some level of unemployment. It is…

Q: Unemployment of labour means that

A: To find : What is unemployment of labour

Q: Classify each of the following individuals in one of the following categories: employed, unemployed,…

A: Steve work for forty hours last week.

Q: During times of low employment, some people get discouraged, stop looking for work, and go back to…

A: Unemployment: - unemployment is that portion of the labor force that is able to do work and looking…

Q: decrease in unemployment may be represented by the movement from

A: A PPC curve depicts the maximum possible combination of two goods that can be produced using the…

Q: What is the relationship between unemployment and the price level in the short run?

A: Price level in any economy is measured through inflation. Generally, inflation and unemployment…

Q: If the labor force of 165 million people is growing by 1.6% this year, how many new jobs have to be…

A: Given: Labor force=165 million Growth this year=1.6%