Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 6P
To determine
Examples of technological change that has led to
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
he table below shows the data for males and females age 16 and over in the country of Scoob in 2020.
Not in labor force
Men
45 million
Women
35 million
Unemployed
Men
5 million
Women
5 million
Employed
Men
85 million
women
65 million
What was the total labor force of Scoob in 2020?
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.…
A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following:
a) Në cilën periudhë po operon kjo firmë? Pse?b) Sa është produkti mesatar kur janë të punësuar 5 punëtorë?c) Sa është produkti marxhinal kur janë të punësuar 7 punëtorë? Çfarë nënkupton kjo vlerë?d) A vepron ligji i të ardhurave marxhinale rënëse? Nëse po te cili punëtor?e) Në këtë funksion prodhimi a kemi të ardhura totale rënëse? Nëse po, te cili punëtor ndodh?f) Paraqisni grafikisht lakoret e produktit total (TP), produktit marxhinal (MP) dhe produktitmesatar (AP).
No. of workers
Quantities of toys
0
0
1
300
2
700
3
1200
4
1800
5
2200
6
2400
7
2400
8
2200
a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value…
Chapter 8 Solutions
Econ Macro (book Only)
Knowledge Booster
Similar questions
- If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?arrow_forwardAssess 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_forwardWhat is the difference between being unemployed and being out of the labor force?arrow_forward
- The following information is given for an economy: Labor Force of an Economy Number of People (millions) Total population 46.5 Children under the age of 16 8.5 Retirees 7.8 Employed 23.9 Unemployed 2.5 Not actively seeking employment 3.0 Homemakers 0.8 Instructions: Round your answers to one decimal place.…arrow_forwardEconomists 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_forwardOnly typed answer over the last 50 years, in the united states the labor force participation rate for women ________, the labor force participation rate for men ________, and the over−all labor force participation rate ________. a.decreased; increased; increas b.increased; did not change; increas c.did not change; increased; increas d.increased; decreased; increas e.increased; decreased; did not change edededednot changearrow_forward
- The following graph shows, in percentages, how much of the paid labor force in the United States consisted of men and how much consisted of women in both 1950 and 2017. What can you conclude by just looking at this graph? Check all that apply. A. More women held jobs in 2017 than in 1950. B. Women made up a larger percentage of employed workers in 2017 than they did in 1950. C. The number of people employed was the same in 1950 and 2017. D. More men held jobs in 1950 than in 2017.arrow_forwardRefer to the table below for the following question. Suppose this economy has labor force participation rate of 80%. How many people are in the working population? Category Number of people Employed 48100 Not employed and searching for work 10900 Not employed and not searching for work 6600 Under 16 11000arrow_forwardCompare the number of employed adults with cats and without cats. Why are these two numbers relatively close to each other, while the number of adults with and without cats differ so much?arrow_forward
- 12. (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_forwardSummarize the articel. KUALA LUMPUR, Nov 3 ― A research by Khazanah Research Institute (KRI) found that agriculture employment has declined significantly to just 10.2 per cent out of the total employment nationwide in 2019, from 31.2 per cent in 1982. According KRI’s recently published report, “Work in an Evolving Malaysia: The State of Households 2020 Part II”, the decline was due to the country’s economic structure that has evolved over the years and caused concentration of economic activities continuing to differ between states. “The agriculture sector however remains an important source of employment in the north and east coast states such as Pahang, and in Sabah and Sarawak,” said KRI in the report. KRI found that the agriculture jobs tend to have slower productivity levels (Gross Domestic Product per employment) compared to states with less concentration in agricultural activities. “Additionally, agriculture has consistently reported a higher incidence of fatal injuries. “In some…arrow_forwardTo convert the original earnings of Nicklaus, Trevino, and Stadler, use the formula for converting dollar figures from an earlier era into year 2017 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year Golfer Nominal Winnings U.S. CPI Winnings in 2017 Dollars (Dollars) (1983 = 100) 1965 Jack Nicklaus 140,752 31.5 1970 Lee Trevino 157,037 38.8 1982 Craig Stadler 446,462 96.5 2017 Justin Thomas 9,921,560 245.1 9,921,560 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher: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
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax