Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 3IAPA
To determine
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The given items into groups that change or do not change according to the production function, the
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Comment on the following statement. Analyze from an economic standpoint. Do you agree or disagree?a) Rising productivity means that it takes fewer workers to produce a given level of output. Productivity increases are therefore a source of unemployment“.b) It is impossible that you are worse off with a wage increase than you were before it“.
For each person below, identify the sort of unemployment being experienced.
a)A new college grad is searching for a job but has not yet found one.
b)Due to declining sales, a sales clerk at Wal-Mart is laid off.
c)A telephone operator is laid off and is looking for work because technological change has rendered her skills obsolete.
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
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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- 16 Every economy comprises of people who are out of the labor force. “Out of the labor force” is an economic term that refers to _______. a. Children below the age of 14 b. People who are retired c. All of the options d. People who are not ready to workarrow_forwardEconomists use labor-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 (calculated as the percentage of the adult population that is employed). 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? Situations unemployment rate employment–population ratio More meaningful one 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.…arrow_forwardIf you are 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 greeter at Wal-Mart are you considered employed or not in the labor force?arrow_forward
- 1. According to the textbook, which of the following would typically raise the average standard of living in the United States? (x) an increase in the rate of inflation as wages paid to workers in the United States remain constant. (y) an increase in investment in new production equipment by U.S manufacturing firms. (z) shortening the average work week. a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) onlyarrow_forwardAn unemployed person is A person who wants a to work but does not look for oneA person who is actively seeking a paid jobA university graduateA volunteer who does charity workarrow_forwardUse the data presented in the following scenario to answer the questions that follow. labor force participation rate = # in labor force / # working age population * 100 unemployment rate = # unemployed / # in labor force * 100 The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016, 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017, 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one. Question: What was the labor force participation rate in Econostan the unemployment rate in Econostan in 2016 and 2017 ?arrow_forward
- Use the data presented in the following scenario to answer the questions that follow. labor force participation rate = # in labor force / # working age population * 100 unemployment rate = # unemployed / # in labor force * 100 The population of the country Econostan is 500,000 people, with 100,000 children, 50,000 elderly, and 350,000 working age people (assume no elderly people want to work). In 2016, 225,000 people in Econostan had a paying job and 50,000 people didn’t have a job but were actively looking for one. In 2017, 220,000 people in Econostan had a paying job and 30,000 people didn’t have a job but were actively looking for one. What was the labor force participation rate in Econostan in 2016? What was the unemployment rate in Econostan in 2016? What was the labor force participation rate in Econostan in 2017? What was the unemployment rate in Econostan in 2017? Describe what changes are happening in Econostan from 2016 to 2017. Is the labor market in Econostan improving?…arrow_forwardAccording to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; What is the population of the people that is not included in the labour force? Show your work Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events.arrow_forwardAccording to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; What is the population of the people that is not included in the labour force? Show your work. Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events events. Examine the causes of at least two (2) main types of inflationarrow_forward
- the Australian bureau of Stastistics(ABS) reported in May 2017 that the civilian population in Australia over 15 years of age was 20.8 million.of this population 20.8 million australians ,13.5 million were employed and 0.7 were unemployed. calculate Australians labor force and the number of people in the civilian population who were not in the labor force?also, with examples examine the causes of structural umployment in Australiaarrow_forward1) Additional labor productivity would be equivalent to a) it is not equivalent any of the choices.b) education and skills.c) additional output for additional input.d) GDP per number of active labor force.e) all of the choices are correctf) marginal productivity of the worker. 2. All of the following will cause unemployment except a) educational institutionsb) quality of graduatesc) government policiesd) use of modern technologye) stable prices 3. Having a higher income means having more money to buy food, but a) there are choices that must be made to get the proper value for food consumed.b) eating processed/manufactured foods do little for the economy.c) quality and quantity of foods must be chosen.d) prices increase when income increases.e) restaurants are far better to eat in than fast food.arrow_forward1. Over the news, we have seen the exodus of unemployed migrant workers. They brought stories of struggles and sorrows on the future of their families. Most of the returning Overseas Foreign Workers (OFW) are the bread-winners of their families. Now they are unemployed they have to tighten their belts to make both ends meet. However, we have not heard much about the senior citizens who are the more vulnerable sector of society. With prices going up and a general advisory for them to refrain from going outside their quality of life is deteriorating. Therefore discuss what are the economic impacts of the current situation that posed problems/challenges to senior citizens.arrow_forward
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