Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 5SPPA
To determine
To calculate:
The quantity of labor employed, the real wage rate and the potential
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You are given the following information for a country: population of working age 6 million; labour force 4 million; and employed 3.5 million. Based on this information, which of the following is correct?
a. There are 2.5 million unemployed in this country.
b. The unemployment rate is approximately 8%.
c. The employment rate is approximately 88%.
d. The participation rate is approximately 67%.
3
The table gives information about a nation's labor force. What is the number employed? million. The number employed is >>> Answer to 1 decimal place. Labor Market Data Labor force Not in labor force Unemployed 142.6 million 70.0 million 5.7 million
Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million, Unemployment rate=5%
Calculate the number of people unemployed
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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- Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million, Unemployment rate=5% Calculate the number of people Employedarrow_forwardQuestion No.15: Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or .104, and the labor force participation rate is 72.5 percent, or .725. What is the size of the labor force? How many people are unemployed? What is the size of the working-age population?arrow_forwardtime students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one Three of these people had not looked actively for work for three months, however A Calculate the adult or working-age population B. Calculate the labour force C Calculate the participation rate D. Calculate the number of employed workers E Calculate the number of unemployed workers F. Calculate me unemployment ratearrow_forward
- The New York Times newspaper cost $0.15 in 1970 and $0.75 in 2000. The average wage in manufacturing was $3.23 per hour in 1970 and $14.32 in 2000. Given what you know about the increases in the price of the newspaper and wages, what does this tell you about workers’ well-being (as measured by standard of living or purchasing power)?arrow_forwardRefer to the information provided in Table 1 below to answer the questions that follow. Labor force participation rate 65% Total population 16 years of age and older 200 million Unemployment rate 5% Refer to Table 1. Compute the labor force in this economy. Group of answer choices 140 million 100 million 130 million 10 millionarrow_forwardRefer to the information provided in Table 1 below to answer the questions that follow. Labor force participation rate 65% Total population 16 years of age and older 200 million Unemployment rate 5% Refer to Table 1. Compute the total number of people employed in this economy. Group of answer choices 10 million 190 million. 123.5 million. 70 million.arrow_forward
- Prepare a table and line graph showing the unemployment and economic growth rate for Barbados and Germany a developed country for the last 5 years. Examine the relationship between unemployment and economic growth observed between the two countries.arrow_forwardMeasuring employment, unemployment, and labour force participation Consider a small economy composed of six people: Edison, Hilary, Kevin, Maria, Simone, and Rajiv. Each person's employment status is described in the following table. THE OPTIONS FOR STATUS FOR ALL ARE: employed, not in adult population, not in the labor force, unemployedarrow_forward7 Choose the correct statement that explains labor force of a country. a. Labor force is the sum of the employed and unemployed people in the country b. Labor force includes entire population in the country c. Labor force includes the retired people in a country d. Labor force includes people who are not looking for a jobarrow_forward
- The labor force is comprised of a)the total number of working age people b) the total number of employed people C) the total population in an economy d) the total # of people who are employed or unemployedarrow_forward6 Identify the term that describes the category of people, who are retired and not ready to work in an economy. a. Out of labor force b. Employed c. Unemployed d. Labor forcearrow_forwardQuestion Use the below data to calculate: 1- The labor force 2- Unemployment rate 3- Population4- Labor force participation ratearrow_forward
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