EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 22, Problem 3IAPA
To determine
To compute:
The change in
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The town of Villageton has 500 residents, of which 300 are employed, 30 are not working but actively seeking work, 70 are children in school, 40 are retirees, 30 are full-time college students, 20 are institutionalized, and 10 are discouraged workers.
Calculate the unemployment rate in Villageton.
Suppose 10 of the 30 college students graduate and enter the labor force actively seeking work, but only 5 find a job. How does this change the unemployment rate in Villageton?
Is this economy “fully-employed” according to the U.S. definition? Why or why not?
How would the “U6” definition of unemployment differ from your answer to question #2a? Would it be higher or lower?
Calculate the labor force participation rate (LFPR) using the numbers above.
Find the absolute change in unemployment rate during 2015 (from Jan 15 to Dec 15).
2017-18, the Pakistan Bureau of Statistics announced that of all adult Pakistanis, 59,786,200 were employed, 3,613,800 were unemployed, and 58,800,000 were not in the labor force. Use this information to calculate the unemployment rate
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- Would you expect the natural rate of unemployment to be roughly the same in different countries?arrow_forwardAssess 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_forwardThere are 100,000 people working full time, 25,000 people working part-time, and 30,000 people who are not working but who are searching for a job. There are 2,000 people who are not working and have given up trying to find for a job and 5,000 who are retired and do not work. What is the unemployment rate?arrow_forward
- In March, 2006 the labor department of the country of Jobland determined that the size of the labor force was 100 million out of which 96 million were employed. In May 2006, the labor department determined that 1.0 million people became "discouraged workers" in April. Assuming that no new jobs were created between March and April, calculate the unemployment rate for March and April. Jobland unemployment rate in March = percent. (Enter your response rounded to one decimal place.) Jobland unemployment rate in April = percent. (Enter your response rounded to one decimal place.)arrow_forwardThe Bureau of Labor Statistics reported that in December 2015, the labor force was 157.8 million, employment was 149.9 million, and the working-age population was 252.0 million. Calculate the unemployment rate and the labor force participation rate. The unemployment rate was nothing percent. >>> Answer to 1 decimal place. The labor force participation rate was nothing percent. >>> Answer to 1 decimal place.arrow_forwardThe total adult, working-age population in January 2017 was 254.1 million. Out of this total population, 152.1 million were classified as employed, and 7.6 million were classified as unemployed. The remaining 94.4 million were classified as out of the labor force. As you will learn, however, this seemingly simple chart does not tell the whole story. Discuss what the unemployment rate is telling us. Explain what the unemployment rate does not tell us regarding the economy, or the health of the economy. What might we miss if we try to judge the economy based only on the unemployment rate?arrow_forward
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