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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Using the numbers in the preceding question, what is the size of Ectenia’s labor force?

a. 50

b. 60

c. 70

d. 80

To determine

Number of labor force.

Explanation

Option (c):

Total number of labor force in the population of 100 is 70. Labor force is the sum of all employed and unemployed workers in the economy.  Here, 40 are full-time workers, 20 are half-time workers but they are preferred to work full-time, and 10 are unemployed.  So the number of labor force is 70. Thus, option “c” correct.

Option (a):

The total number of unemployed and employed is 70...

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