Principles Of Economics, Student Value Edition Plus Mylab Economics With Pearson Etext -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134419381
Author: CASE
Publisher: PEARSON
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Question
Chapter 22, Problem 1.4P
Subpart (a):
To determine
Change in labor force participation.
Subpart (b):
To determine
Change in labor force participation.
Subpart (c):
To determine
Change in labor force participation.
Subpart (d):
To determine
Change in labor force participation.
Subpart (e):
To determine
Change in labor force participation.
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Suppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10.
What is the labor force participation rate (as a percentage, not decimals) for this economy? Use the numbers from Question above
Q5: Define the Labor Participation Rate (LFP). Then, for each of the following, explain what is likely to happen to the LFP if:
a. The Federal Minimum Wage is abolished
b. The minimum working age is raised from 16 to 18
c. The economy is in the midst of a prolonged recession
d. The Federal Government reduces the duration of unemployment benefits from 26 weeks to 13 weeks
Here is some data for an economy. Population: 22.5 million Population under the age of 16 years: 7.5 million Discouraged workers: 250,000. Retired people: 1 million Structurally unemployed people: 320,000 Frictionally unemployed people: 220,000 Cyclically unemployed people: 2.2 million The labour force participation rate can be calculated as [(# in Labour Force) / (Adult Population)] *100. Based on this formula, what is the approximate labour force participation rate in this economy? Answers: 91.7% 100% 93.3% 98.3%
Chapter 22 Solutions
Principles Of Economics, Student Value Edition Plus Mylab Economics With Pearson Etext -- Access Card Package (12th Edition)
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- Based on the information in the table below, calculate the labor force participation rate, and the percentage or workers out of the labor force: Total adult population over the age of 16 83 million Total in the labor force 63 million Total Employed 60 million Total Unemployed 3 million Total out of the labor force 20 million Group of answer choices Participation rate: 24.1%, Out of the labor force: 92.5% Participation rate: 75.9%; Out of the labor force: 24.1% Participation rate: 5%,Out of the labor force: 15% Participation rate: 24.1%, Out of the labor force:75.9%arrow_forwardCalculate the unemployment rate and the labor force participation rate in the following cases: Employed: 100 million. Population: 200 million. In labor force: 110 million. Unemployed: 10 million. Population: 200 million. Employed: 90 million. In labor force: 30 million. Population: 80 million. Unemployed: 3 million.arrow_forwardWhat are some similarities between the employment-population ratio and the labor force participation rate? A. Both have a higher value for women in 2019 than in 1960. B. Both have a higher value for men in 2019 than in 1960. C. They both increased steadily from 1960 to 2019. D. Both have a lower value for men than for the entire labor force.arrow_forward
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