Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 24, Problem 8SPPA
To determine
To explain:
The impact on employment, real wage rate and potential
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Which of the following people would be unemployed (or belonging to any labor market group) according to official statistics? Shortly explain why or why not. (a) A person who is home painting the house while seeking a permanent position as an electrician.
(b) A full-time student.
(c) A recent graduate who is looking for a job.
(d) A parent who decides to stay home taking care of children full time.
Question 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?
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%.
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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- Economists 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_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_forward4.6M Filipinos jobless in July as unemployment worsens in Metro Manila - PSA Metro Manila (CNN Philippines, September 3)-Some 4.6 million Filipinos were out of work in July, slipping from an all-time high as lockdown rules were gradually eased, the Philippine Statistics Authority said Thursday. The PSA reported a 10 percent unemployment rate among Filipinos aged 15 and up, easing from 17.7 percet in April although still higher than the 5.4 percent level a year ago. National Statistician Dennis Mapa said in a media briefing that the relaxation of community quarantine rules allowved more Filipinos to return to work. However, unemployment was worse in Metro Manila at 15.8 percent or about 929,000 adults, surpassing the national average and rising from the 12.3 percent share of jobless residents for the region in April. Calabazon tallied about 886,000 unemployed, while Central Luzon had 552,000 jobless Filipinos, he added. These economic centers also count among the biggest number…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_forwardClassify the following persons as employed, unemployed or Not in the labor force. a) During the entire week containing the 12th of the month, Cameron Diaz misses work because she was diagnosed with stomach virus by her doctor. b) Ethan lost his job due to the recession. He spends his mornings searching online for job openings and his afternoons filling out job applications. c) Lydia is a stay- at-home mom raising her children and spent the weekend looking at newspaperadvertisements. d) JoAnn worked 17 hours for her family business during the survey week but was not paid. e) Barbara has not been able to find work for six months. Frustrated, she has given up looking.arrow_forward) Prepare a table showing the unemployment rate, inflation rate and economic growth for the year the minimum wage was increased as well as the year before and after the increase in the minimum wage in trinidad and tobago.arrow_forward
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