Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 10, Problem 2CQQ
To determine
Number of labor force.
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Economists use labour-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. 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?
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.
f. Advances in healthcare prolong the life of many retirees
During times of low employment, some people get discouraged, stop looking for work, and go back to school. How does going back to school affect the labor force?
A. It does not change the labor force
B. It increases the number in the labor force
C. It decreases the number in the labor force
he table below shows the data for males and females age 16 and over in the country of Scoob in 2020.
Not in labor force
Men
45 million
Women
35 million
Unemployed
Men
5 million
Women
5 million
Employed
Men
85 million
women
65 million
What was the total labor force of Scoob in 2020?
Chapter 10 Solutions
Brief Principles of Macroeconomics (MindTap Course List)
Ch. 10.1 - Prob. 1QQCh. 10.2 - Prob. 2QQCh. 10.3 - Prob. 3QQCh. 10.4 - Prob. 4QQCh. 10.5 - Prob. 5QQCh. 10 - Prob. 1CQQCh. 10 - Prob. 2CQQCh. 10 - Prob. 3CQQCh. 10 - Prob. 4CQQCh. 10 - Prob. 5CQQ
Ch. 10 - Prob. 6CQQCh. 10 - Prob. 1QRCh. 10 - Prob. 2QRCh. 10 - Prob. 3QRCh. 10 - Prob. 4QRCh. 10 - Prob. 5QRCh. 10 - Prob. 6QRCh. 10 - Prob. 7QRCh. 10 - Prob. 1PACh. 10 - Prob. 2PACh. 10 - Prob. 4PACh. 10 - Prob. 5PACh. 10 - Prob. 6PACh. 10 - Prob. 7PACh. 10 - Prob. 8PACh. 10 - Prob. 9PACh. 10 - Prob. 10PA
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Similar questions
- Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?arrow_forwardWhat is structural unemployment? Give examples of structural unemployment.arrow_forwardThe following information is given for an economy: Labor Force of an Economy Number of People (millions) Total population 46.5 Children under the age of 16 8.5 Retirees 7.8 Employed 23.9 Unemployed 2.5 Not actively seeking employment 3.0 Homemakers 0.8 Instructions: Round your answers to one decimal place.…arrow_forward
- Which of the following people would not be counted in the labor force? A) A man who is in jail. B) A woman who is 70 years old and works full time. C) A girl who is 16 and works part time. D) A man who will retire from work in 1 day.arrow_forwardwhy impact Labour force to Secondary education in a countryarrow_forwardIf the labor force increased to 180 million and the working-age population increased to 300 million what would the labor force participation be? ____ percent.arrow_forward
- Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: (a) Unemployment rate, Labour force participation rate , Employment to population ratio Institutionalized population ratio,Not in the labour force , Working age population ratioarrow_forwardWho would be included in the labor force? a. Louie, who is waiting for his new job to start b. Daisey, who has become discouraged looking for a job and has quit looking c. Donald, an unpaid stay-at-home father d. None of the above is correct.arrow_forwardSuppose the labor force participation rate is 70% and adult age population is 150 million calculate labor force ?arrow_forward
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