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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
BuyFind

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

Solutions

Chapter
Section
Chapter 15, Problem 2CQQ
Textbook Problem
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Using the numbers in the preceding question, what is the size of Ectenia’s labor force?

a. 50

b. 60

c. 70

d. 80

Expert Solution
To determine
Number of labor force.

Explanation of Solution

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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