EBK ECONOMICS TODAY
18th Edition
ISBN: 9780133920116
Author: Miller
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem bFCT
To determine
To show:
The reason for which a person staying unemployed for a long time find it difficult to secure a job compared to a person who is unemployed for a few weeks.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Between January 2010 and January 2016, U.S. employment increased by 12.1 million workers, but the number of unemployed workers declined by only 7.3 million. How are these numbers consistent with each other? Why might one expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people employed?
Suppose there are 180 million employed people and 20 million unemployed people.
a) What is the unemployment rate?
b) Suppose that 5 million unemployed people give up their search for jobs and become
discouraged workers. What is the new official unemployment rate?
Suppose the number of employed people in Pakistan is 20.5 million. The unemployment rate in this economy is 8.8 percent, and the labor force participation rate is 65 percent.
What is the size of the labor force and working-age population?
How many people are unemployed?
Explain and analyze different government policies which affect the unemployment rate in Pakistan? ( Maximum 200 words).
Before June 2020, the labor market in Pakistan was at equilibrium with an equilibrium wage (WE) of Rs. 15,000 and equilibrium quantity of labor (LE) 10 million. In the last week of June, 2020, government of Pakistan imposed a minimum wage Act raising the minimum wage to Rs. 20,000. Using a graph, explain the effect of imposition of minimum wage on unemployment in labor market of Pakistan .
Chapter 7 Solutions
EBK ECONOMICS TODAY
Ch. 7 - Prob. 7.1LOCh. 7 - Prob. 7.2LOCh. 7 - Prob. 7.3LOCh. 7 - Prob. 7.4LOCh. 7 - Prob. 7.5LOCh. 7 - Prob. aFCTCh. 7 - Prob. bFCTCh. 7 - Prob. cFCTCh. 7 - Prob. dFCTCh. 7 - Prob. eFCT
Ch. 7 - Prob. 1CTQCh. 7 - Prob. 2CTQCh. 7 - Prob. 1FCTCh. 7 - Prob. 2FCTCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 7PCh. 7 - Prob. 8PCh. 7 - Prob. 9PCh. 7 - Prob. 10PCh. 7 - Prob. 11PCh. 7 - Prob. 12PCh. 7 - Prob. 13PCh. 7 - Prob. 14PCh. 7 - Prob. 15PCh. 7 - Prob. 16P
Knowledge Booster
Similar questions
- Assess 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_forwardWould you expect the natural rate of unemployment to be roughly the same in different countries?arrow_forwardAssume the following for the town of Boone: The town has a total population of 50,000 people, of which 4,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is the unemployment rate in Boone? Instructions: Round your answer to 1 decimal place. percentarrow_forward
- A country with a civilian (work-eligible) population of 90,000 (all over age 16) has 70,000 employed and 10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and another 3,000 are structurally unemployed. On the basis of these data, answer the following questions. What is the natural rate of unemployment for this country? Is this economy in recession or expansion? Explain.arrow_forwardQuestion 11 (* Which one of the following people would be counted as unemployed in Canada? Kanhaya has stopped looking for work since he was unable to find a suitable job during a two-month search. Doris works only 5 hours a week but is looking for a full-time job. Sharon recently began looking for work after staying at home for 10 years to look after her children. Taylor is a homemaker. Maurice is on a two-month vacation out of the country but is still looking for a job using the Internet.arrow_forwardThe three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Demand for new vehicles has fallen during a recent recession, and Alyssa has been laid off from her job at an automotive factory. Rosa just graduated from college and is looking for a full-time position with an investment banking firm, Nick recently lost his job as a waiter at a local restaurant. A recent increase in the minimum wage keeps local emplayers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. He continues to look for a job, but he's considering going back to school for vocational training. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Unemployment Type Frictional Cyclical Structural Total unemployment Rate (Percent) 3.1 0.0 1.0 4.1…arrow_forward
- The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Kate just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk. Hubert left his job as an electrician when his wife took a position in another region. The quantity of electrical services demanded is considerably lower in the new region, in part because of high union- negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of electrician jobs. A recent recession has reduced the number of visitors to a local water park. The park has had to lay off many of its employees, including Poornima. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) 3.6 0.0 1.1 Frictional Cyclical Structural Total…arrow_forwardThe three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Structural Frictional Cyclical Automobile demand has fallen during a recent recession, and Maria has been laid off from her job on the assembly line. Edison recently lost his job as a dishwasher. Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. Hilary is a physician who has decided to relocate to California to be closer to her family. She is currently interviewing with several prestigious hospitals in the San Francisco Bay Area. The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Unemployment Type Rate (Percent) Frictional 3.2…arrow_forwardThe 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.arrow_forward
- In the country of Economica, the total labor force consists of 5,000 workers. 250 of these workers are unemployed, and thus the current unemployment rate is 5.0%. This year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will voluntarily leave their jobs, and 250 new workers will enter the labor force. At the same time, 363 workers will find jobs, and 150 workers will retire or leave the labor force for other reasons. Thus, at the end of the year, the labor force will consist of workers, and the unemployment rate will be%. (Round your responses to one decimal place.)arrow_forwardWhich of the following statements would come from someone classified as unemployed? Question 38 options: a) I’m a full-time student at the University of Illinois (Go Illini!) who doesn’t have time to work. b) I’m not working because I’m going to Jamaica with my buddy. Dr. Seiler is jealous! c) I haven’t had a job in a year, and I stopped looking for a job nine months ago d) I am not working. I had three interviews this week, and I’m trying to find a job e) I can’t stand my current job as a telemarketer. I used to be a nuclear engineerarrow_forwardAccording the U.S. labor statistics, roughly 5.8 million people were unemployed in 2006. Of these, 2.1 million were unemployed for less than 5 weeks, 1.7 million were unemployed for 5 to 14 weeks, 900,000 were unemployed for 15 to 26 weeks, and 1.1 million were unemployed for 27 or more weeks. Assume that the average spell of unemployment is 2.5 weeks for anyone unemployed for less than 5 weeks. Similarly, assume the average spell is 10 weeks, 20 weeks, and 35 weeks for the remaining categories. How many weeks did the average unemployed worker remain unemployed? Write your answer in millions of week (i.e. if your answer is 30,500,000 weeks, input 30.5 as the answer)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
- Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning