3. The table below shows unemployment and labor force statistics for an economy. Actual rate of...
3. The table below shows unemployment and labor force statistics for an economy.
| Actual rate of unemployment | 3% |
|---|---|
| Natural rate of unemployment | 4% |
| Population of the country | 125mitlon |
| Number of people employed | 97miltion |
| Number of people unemployed | 3 million |
| Number of people employed part-time | 5 million |
| Number of discouraged workers | 2 million |
a. Calculate the size of the labor force.
b. Calculate the labor force participation rate. Show your work.
c. Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain.
d. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work.
e. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?
Homework Answers
Add Answer to:
3. The table below shows unemployment and labor force statistics for an economy. Actual rate of...
3. The table below shows unemployment and labor force statistics for an economy.
3. The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of discouraged workers 2 million e. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?
Thank you Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly...
Thank you
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes the question prompts you to "Calculate you must show how you arrived at your final answer The table below shows unemployment and labor force statistics for an economy Actual rate of unemployment 3% 125 million Natural rate of unemployment Population of the country Number of people employed Number of...
1) The table below lists the number of people by labor force classification for the country...
1) The table below lists the number of people by labor force classification for the country of Grenyarnia. Employed 78 million Unemployed 12 million Not in the Labor Force 30 million a.) Calculate the number in the labor force, and the unemployment rate. b.) Calculate the number in the adult population, and the labor force participation rate. c.) Suppose 8 million people who were previously employed become discouraged workers. Recalculate the unemployment rate and the labor force participation rate. d.)...
Assume you have the following information about an economy. Labor Force of an Economy Population over...
Assume you have the following information about an economy. Labor Force of an Economy Population over age 16 Labor force Not in the labor force Employed Unemployed Number of People (millions) 243.8 153.6 90.2 144.2 9.4 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? % b. What is the labor force participation rate? C. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers,...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks a) Can you calculate the employment rate given the information above? Explain. b) Calculate the unemployment rate before,...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers,...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks Can you calculate the employment rate given the information above? Explain. Calculate the unemployment rate before, and after,...
I need some help completing this exercise on unemployment and inflation and labor force participation In...
I
need some help completing this exercise on unemployment and
inflation and labor force participation
In an economy, the working-age population is 400 million. Of this total, 320.0 million workers are employed. 12.0 million workers are unemployed 56.0 million workers are not available for work (homemakers, full-time students, etc.) 8.0 million workers are available for work but are discouraged and thus are not seeking work 4.0 million workers are available for work but are not currently seeking work due to...
The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the...
The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators.The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016 . The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that...
Suppose the economy has a population of 40 million people and a labor force participation rate...
Suppose the economy has a population of 40 million people and a labor force participation rate of 50%. Furthermore, suppose the natural rate of unemployment in the economy is 7%. If the current number of unemployed people is 3 million people, what is the rate of cyclical unemployment rate? Answer: % Your Answer:
5. Find the labor force participation rate and unemployment rate given the following information about an...
5. Find the labor force participation rate and unemployment rate given the following information about an economy: Population (working age) 120 Labor Force 80 PLEASE JUST ANSWER THE QUESTION 6. # Employed 70 Assume in the problem above 5 of the unemployed became discouraged workers. Calculate new official unemployment rate in this economy. Comment on your finding.
Thank you
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes the question prompts you to "Calculate you must show how you arrived at your final answer The table below shows unemployment and labor force statistics for an economy Actual rate of unemployment 3% 125 million Natural rate of unemployment Population of the country Number of people employed Number of...
Assume you have the following information about an economy. Labor Force of an Economy Population over age 16 Labor force Not in the labor force Employed Unemployed Number of People (millions) 243.8 153.6 90.2 144.2 9.4 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? % b. What is the labor force participation rate? C. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks a) Can you calculate the employment rate given the information above? Explain. b) Calculate the unemployment rate before,...
3. Consider an economy that initially has a labor force of 4000 workers. Of these workers, 3000 are employed . The economy enters a recession. The total number of employed workers falls by 10%, and in addition 1% of the labour force become discouraged at the prospect of finding a job and stop searching for a job for more than 4 weeks Can you calculate the employment rate given the information above? Explain. Calculate the unemployment rate before, and after,...
I
need some help completing this exercise on unemployment and
inflation and labor force participation
In an economy, the working-age population is 400 million. Of this total, 320.0 million workers are employed. 12.0 million workers are unemployed 56.0 million workers are not available for work (homemakers, full-time students, etc.) 8.0 million workers are available for work but are discouraged and thus are not seeking work 4.0 million workers are available for work but are not currently seeking work due to...
The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators.The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016 . The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that...
Suppose the economy has a population of 40 million people and a labor force participation rate of 50%. Furthermore, suppose the natural rate of unemployment in the economy is 7%. If the current number of unemployed people is 3 million people, what is the rate of cyclical unemployment rate? Answer: % Your Answer:
Most questions answered within 3 hours.
-
6. A researcher believes that young men experiment with alcohol
and other substances earlier than do...
asked 7 seconds ago -
Complete the balanced OVERALL IONIC EQUATION for the mixing of
these two solutions. (INCLUDE STATES OF...
asked 12 minutes ago -
Here is the combustion reaction for octane (C8H18), which is a
primary component of gasoline. How...
asked 14 minutes ago -
List and discuss the various forms of marriage arrangements.
What are the advantages and disadvantages of...
asked 15 seconds from now -
2. Two conductors having net charges of +16.0 µC and -16.0 µC
have a potential difference...
asked 1 minute ago -
How fast would you have to throw a baseball ( m=145 g) to give
it the...
asked 2 minutes ago -
Discuss the expected values of the information to
management and how the initial problem might be...
asked 15 minutes ago -
Consider the solubilities of a particular solute at two
different temperatures.
Temperature (∘C)
Solubility (g/100 g...
asked 35 minutes ago -
I have a self introduction speech for oral communication class
using Holidays as an analogy of...
asked 41 minutes ago -
2) A solenoid wound 205/m with a radius of 0.3 meters and a
length of 0.3...
asked 49 minutes ago -
create a C++ program which reads in a Social Security
number, a first name, a middle...
asked 50 minutes ago -
Manufacturing overhead was estimated to be $451,000 for the year
along with 20,500 direct labor hours....
asked 51 minutes ago