Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 24, Problem 7IAPA
To determine
To compute:
The quantity of labor employed, potential
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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
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 work
The table below shows labor data for a country named Zhouland. Answer the following questions:
Age (years)
Have a full time job
Have a part time job
Don't have a job but are looking for one
Don't have a job and are not looking for one
Total
<10
150
150
10-15
135
135
16-20
120
30
75
80
305
21-30
20
50
25
20
115
31-50
80
100
55
40
275
51-70
250
50
150
100
550
>70
60
40
30
170
300
[a] What is the size of the labor force in the above economy?
[b] Calculate the unemployment rate for this economy - up to 2 decimal points.
[c] Calculate the employment rate for this economy - up to 2 decimal points.
[d] Calculate the labor force participation rate for this economy - up to 2 decimal points.
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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- Find the number of people employed in the country from the articel. Explain your reasoning.arrow_forwardPrepare 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_forwardThe work force of a certain factory is growing at rate of 2 per month while the average productivity of a worker is growing at a rate of 4 units per month. If the work force is currently 100 and the average productivity per month is 200 units, at what rate is the total productivity per month of the factory increasing? (a) What happens if the work force is declining by 2 per month? (b) What happens if the average productivity is decreasing by 5 per month?arrow_forward
- 42) The GDP of the country has been dropping consistently for last few quarters due to economic policy uncertainties. What kind of economic factor would affect the economy? a. Domestic Factor b. Micro Economic Factor c. None d. Macro-Economic factorarrow_forwardChallenge Question: Suppose that the U.S. adult population is 230 million and the labor force participation rate is 67 percent. What is the size of the U.S. labor force?arrow_forwardThe 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_forward
- 7 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(Table) Based on the table, what is the average product of the sixth worker? a. 7 b. 8 c. 7.75 d. 8.5arrow_forwardIn the market for labor, the price of labor is the: same as price of the product produced by the labor. real wage. marginal product of labor. number of hours employed per year.arrow_forward
- 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 retireesarrow_forwardQuestion Use the below data to calculate: 1- The labor force 2- Unemployment rate 3- Population4- Labor force participation ratearrow_forward12. (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.arrow_forward
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