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 7CQ
(a)
To determine
Calculate the labor force participation rate.
(b)
To determine
Calculate the
(c)
To determine
Calculate the employment/ population ratio.
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Students have asked these similar questions
Using the following data calculate:
987,156 Currently Working
23,000 volunteer workers
9845 (ages 13-14) looking for work
12,000 (ages 15) looking for work
45,600 Part -Time Workers
56 family workers who worked 15 hrs a week
234 Self Employed
6543 Discouraged Workers
67, 432 (ages 23-25) looking for work
67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work
Current population is 6,000,000
5454 Temp Workers
5000 armed forces
543 recent university graduates that are going back to graduate school
3500 institutionalized
(iv) The labour force Participation rate
(v). The "official" unemployment rate
Type answer please
Using the following data calculate:
987,156 Currently Working
23,000 volunteer workers
9845 (ages 13-14) looking for work
12,000 (ages 15) looking for work
45,600 Part -Time Workers
56 family workers who worked 15 hrs a week
234 Self Employed
6543 Discouraged Workers
67, 432 (ages 23-25) looking for work
67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work
Current population is 6,000,000
5454 Temp Workers
5000 armed forces
543 recent university graduates that are going back to graduate school
3500 institutionalized
(c) suppose that 20,000of tghe employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not workingnand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unnemployment rate.
(d) Illustrate and carefully explain the impact of an increase in the…
Using the following data calculate:
987,156 Currently Working
23,000 volunteer workers
9845 (ages 13-14) looking for work
12,000 (ages 15) looking for work
45,600 Part -Time Workers
56 family workers who worked 15 hrs a week
234 Self Employed
6543 Discouraged Workers
67, 432 (ages 23-25) looking for work
67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work
Current population is 6,000,000
5454 Temp Workers
5000 armed forces
543 recent university graduates that are going back to graduate school
3500 institutionalized
(i). The number of persons employed.
(ii). The number of persons unemployed.
(iii). The labour force.
Type answer please
Chapter 8 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Suppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10. What is the labor force participation rate (as a percentage, not decimals) for this economy? Use the numbers from Question abovearrow_forwardUsing the following data calculate: (i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate 987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hrs a week 234 Self-Employed 6543 Discouraged Workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work The current population is 6,000,000 5654 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalizearrow_forwardWhich of the following statements is correct? A) Employment rate + unemployment rate = 1 B) Participation rate = labour force / population of working age C) Employment rate = employed / labour force D) Unemployment rate = unemployed / employedarrow_forward
- A country has a population of 160 million. Out of this population, the number of retired people is 23 million, the number of people below working age (under 16 years) is 39 million, and the number of people under different types of institutional care is 1.5 million. In this country, the number of the employed amount to 75 million people and the unemployed amount to 4 million people. Calculate the following and show your work Working-age population Unemployment rate The economic activity rate Employment ratearrow_forwardHere is some data for an economy. Population: 22.5 million Population under the age of 16 years: 7.5 million Discouraged workers: 250,000. Retired people: 1 million Structurally unemployed people: 320,000 Frictionally unemployed people: 220,000 Cyclically unemployed people: 2.2 million The labour force participation rate can be calculated as [(# in Labour Force) / (Adult Population)] *100. Based on this formula, what is the approximate labour force participation rate in this economy? Answers: 91.7% 100% 93.3% 98.3%arrow_forwardQuestion 1: In 2017-18, the Pakistan Bureau of Statistics announced that of all adult Pakistanis, 59,786,200 were employed, 3,613,800 were unemployed, and 58,800,000 were not in the labor force. Use this information to calculate the labor-force participation rate?arrow_forward
- 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?arrow_forwardThe following table shows UK labour market data for the first quarter of 2018 (all aged 16 and over, seasonally adjusted). Fill in the blank parts of the table. Male Female Total In employment (000s) 17 128 15 215 ILO unemployed (000s) 756 Total economically active (000s) 15 884 Percentage unemployed (%) 4.2arrow_forwardPopulation in 2021: 330 million Employed in 2021: 152 million Unemployed in 2021: 8 million Ham consumed 2020: 2000 Price of ham 2020: $4 Population 16+ in 2021: 200 million Members of military 2021: 1 million Discouraged workers in 2021: 2 million Cheese consumed 2020: 500 GDP in 2021:$990 billion CPI in 2020 base year 2010:110 Price of cheese in 2020: $2 Using the data in table above, the labor force participation rate in 2021 is: 46.1% 48.5% 76% 80% None of the abovearrow_forward
- The accompanying table provides data on the size of the labour force and the number of unemployed workers for the provinces and territories of Canada. Labour force (thousands) Unemployed (thousands) Province/Territory January 2019 January 2020 January 2019 January 2020 Alberta 2,497.6 2,500.1 169.8 181.7 British Columbia 2,672.5 2,664.5 125.3 118.8 Manitoba 696.1 696.7 38.6 35.7 New Brunswick 387.0 390.1 31.4 29.2 Newfoundland and Labrador 262.2 252.5 29.9 30.0 Northwest Territories 23.0 22.6 1.9 1.9 Nova Scotia 499.2 504.5 33.6 37.2 Nunavut 16.5 15.9 2.4 2.1 Ontario 7,797.7 7,973.6 448.6 415.3 Prince Edward Island 83.6 86.8 8.0 6.5 Québec 4,547.1 4,597.2 242.9 232.7 Saskatchewan 610.9 617.5 34.1 37.3 Yukon 22.2 22.2 0.9 1.1 Data from: Statistics Canada. Calculate the number of workers employed in each province and territory in January 2019 and in January 2020. Use your answer to calculate the change in the total number of workers employed between January 2019 and January 2020. For…arrow_forwardThe table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S. data. All values are in thousands. Fill in the blank entries in the table. Adult Labor Population Force, Country Japan 109,474 France 16,870 Germany 70,159 $9,591 Labor-Force Unemployment articipation Rate Rate Employed Unemployed 62,510 3,500 2,577 9.69 57.41arrow_forwardIn 2019, a. what percentage of the labor force was employed? b. what percentage of the labor force was unemployed? c. what percentage of the total population was employed?arrow_forward
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