Foundations of Economics - With MyEconLab
8th Edition
ISBN: 9780134641720
Author: BADE
Publisher: PEARSON
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Chapter 22, Problem 2SPPA
To determine
To compute:
The
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12.
(Table: Labor Force Data) Using the data from the table Labor Force Data, suppose the labor force participation rate is 70%. The labor force is equal to:
A)
105 million.
B)
1,200 million.
C)
400 million.
D)
50 million.
123.) This question is based on the following information about Rugrats: (The data below represents only Rugrats, of Winnecut, who are over the age of 16.)
10,000 Rugrats live in Winnecut
7000 Rugrats are employed
2000 Rugrats are not employed and are not looking for work
1000 Rugrats are not employed, but are looking and available for work
The labor force participation rate in Winnecut is:
12.5%
20%
70%
80%
Examine the table below which contains some labour market data for the Bahamas (2009 - 2014) and answer the questions which follow.
Year
Avg. monetary labour income for workers in their main occupation in the last month, PPP
Avg. monetary labour income for formal workers in their main occupation in the last month, PPP
Avg. monetary labour income for informal workers in their main occupation in the last month, PPP
Unemployment Rate
Monthly Minimum Wage, PPP
2009
2,069.32
1,774.19
3,450.47
13%
770
2011
1,992.92
1,836.31
2,663.86
15%
770
2012
1,818.44
14%
770
2013
1,614.73
1,604.85
1,652.05
14%
770
2014
1,674.15
1,593.31
2,055.34
14%
770
a. Given the theorized relationship between the unemployment rate and the minimum wage in the static model of the labour market, how should the unemployment rate respond to a constant minimum wage?
b. How does this compare to the data shown in the table? Explain.
c. Note that there is a difference in income depending on…
Chapter 22 Solutions
Foundations of Economics - With MyEconLab
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Similar questions
- Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.arrow_forwardIf you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?arrow_forwardWhich 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_forward
- Calculate Labor Force Participation Rate Total Population: 500,270,378 Homemakers: 12,874,567 Retired: 42,687,155 Labor Force: 425,314,672 Under the Age of 16: 17,322,654 Discouraged Workers: 37,678,228 Employed: 399,482,365 Underemployed: 14,977,312arrow_forwardQ. 1. Use economic reasoning (economic theory) to explain why the labor force participation rate for married women and never-married women might differ.arrow_forwarduse the data above to calculate the size of the labor force and the labor force participation rate.arrow_forward
- Explain the fact that from 1900 to 2009 the female labor force participation rate increased from 20.6% to 59.2 %. Use reservation wage and technological advancement in your explanationsarrow_forwardCategory Number of Persons Part Time Employees 30 million People Looking for Work in the last 4 weeks and Have not Worked in the Last Week 9.2 million Full Time Employees 101 million Retirees 15.8 million Full Time Students 13 million Workers that haven't looked because they are marginally attached 4.9 million Workers that haven't looked because they are discouraged 4.1 million Assume the table above includes the population of all individuals age 16 or older in this country. What is the labor force participation rate (as a percentage, but omit the % sign, rounded to the nearest tenth)? Note:- Please give me proper calculation with correct answer otherwise i give downvote Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.arrow_forwardThe members of the parliament want to know why labour force participation ratesfor womenin the 25-34 and 35-49 age groups are lower than the labour force participation rates for men.Use economic theory to explain the reasons behind these differences.arrow_forward
- using the data below calculate 4. the labour force participation rate 5. the official employment rate currently working 23,000 volunteer workers 9845(ages 13-14) looking for work 12,000 (ages 15)looking for work 45,600 Part-time workers 56 family workers who worked 15 hrs a week 234 self-employed 6543 discouraged workers 67,432(ages 23-25)looking for work 67,890 laid off receptionists looking for work 544,321(ages 16-20) looking for work) current population is 6,000,000 5654 Temp workers 5000 armed forces 543 recent university graduatesthat are going back to graduate school 3500 institutionalizedarrow_forwardIf the employmentminus−population ratio in 2017 was at the same level as it was in 2006 A. the same number of people would have been working in 2017 as were working in 2006. B. an additional 8 million people would have been working in 2017 than actually were. C. 3.5 million fewer people would have been working in 2017 than actually were. D. the number of employed people in 2017 would not have been different.arrow_forwardThe accompanying table provides data on the size of the labour force and the number of unemployed workers for the provinces and territories of Canada. Labour force (thousands) Unemployed (thousands) Province/Territory January 2019 January 2020 January 2019 January 2020 Alberta 2,497.6 2,500.1 169.8 181.7 British Columbia 2,672.5 2,664.5 125.3 118.8 Manitoba 696.1 696.7 38.6 35.7 New Brunswick 387.0 390.1 31.4 29.2 Newfoundland and Labrador 262.2 252.5 29.9 30.0 Northwest Territories 23.0 22.6 1.9 1.9 Nova Scotia 499.2 504.5 33.6 37.2 Nunavut 16.5 15.9 2.4 2.1 Ontario 7,797.7 7,973.6 448.6 415.3 Prince Edward Island 83.6 86.8 8.0 6.5 Québec 4,547.1 4,597.2 242.9 232.7 Saskatchewan 610.9 617.5 34.1 37.3 Yukon 22.2 22.2 0.9 1.1 Data from: Statistics Canada. Calculate the number of workers employed in each province and territory in January 2019 and in January 2020. Use your answer to calculate the change in the total number of workers employed between January 2019 and January 2020. For…arrow_forward
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