Economics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453538
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 8, Problem 15CQ
(a):
To determine
Number of labor force for each country.
(b):
To determine
Rate of labor force participation.
(c):
To determine
Rate of
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The table below presents labor market data for three countries. All population values are in millions.
Working-age Labor
Labor-force
Unemployment participation rate
(%)
Country population force Employed Unemployed rate (%)
Japan
France
Germany
117
64
3
74
33
47
5
10.64
57.89
Instructions: Round your answers for the working-age population, labor force, employed, and unemployed to the nearest whole
number. Round your answers for the unemployment rate and labor-force participation rate to two decimal places.
a. Fill in the blanks in the table above.
b. In part a, you may have noticed that the unemployment rates of the three countries differ from one another.
Which of the following are possible reasons why a country may have a higher unemployment rate?
Below is a table with US labour market data (in thousands):
1998
Working-age population 205, 220
Population
Unemployed
Employed
2008
233, 788
304,543
8,948
276,154
6, 204
131, 464 145, 363
2018
257,791
327,436
6, 306
155, 761
a) Caculate the labour force participation rate for each period.
b) Calculate the unemployment rate for each period. Based on the provided data,
what might be a reasonable "guesstimate" of the natural rate of unemployment for
the years between 2008 and 2018?
c) For each period calculate the employment-population ratio.
d) In 2008 what is the number of discouraged workers?
e) Using the FRED St Louis Fed database, look at the behaviour of the US labour
participation rate between 2000 and 2015. What might explain its behaviour?
Zandaland is a country with a population of 110 million. Out of this population, the number of retired people is 14 million, the number of people below working age (under 16 years) is 20 million, and the number of people under different types of institutional care is 1 million. In this country, employment amount to 55 million people and unemployment amount to 3 million people. Calculate the following and show your work:
Working-age population
Unemployment rate
The economic activity rate
Employment rate
Chapter 8 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Table 28-1. The table below lists the number of people by labor force classification for the country of Shelbyville. 4. Refer to Table 28-1. What is the size of the labor force, and the size of the adult population? 5. Refer to Table 28-1. What is the unemployment rate? 6. Refer to Table 28-1. What is the labor force participation rate?arrow_forwardUsing the following data calculate:(iv) The Labour Force Participation rate. (v) The “official” unemployment ratearrow_forwardA country with a population of 120,000 (all over age 16) has 100,000 employed and 10,000 unemployed persons of which 5000 are frictionally unemployed and another 3000 structurally unemployed; I. What is the size of the labour force? ii What is the actual unemployment rate? iii what is the labour force participation rate? iv. What is the employment/population ratio? v. What is the natural rate of unemployment? vi. Is this economy in recession or a boom? Explainarrow_forward
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