Answer the next question on the basis of the following information about a hypothetical economy. Full-time...
Answer the next question on the basis of the following information about a hypothetical economy.
Full-time employed = 80
Part-time employed = 25
Unemployed = 15
Discouraged workers = 5
Members of underground economy = 6
Consumer price index = 110
The unemployment rate is
Homework Answers
Labor force = 80 + 25 + 15 = 120
Unemployed = 15
Unemployment rate = unemployed / labor force * 100
= 15 / 120 * 100
= 12.50%
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Answer the next question on the basis of the following
information about a hypothetical economy.
Full-time...
Use the following to answer questions 12-13: The following information is about a hypothetical economy: Full-time...
Use the following to answer questions 12-13: The following information is about a hypothetical economy: Full-time employed = 80 Part-time employed = 25 Unemployed = 15 Discouraged workers = 5 Members of underground economy = 6 Consumer Price Index = 110 12. Refer to the above information. If the members of the underground economy are presently counted as part of the unemployed when in fact they are employed, the unemployment rate is overstated by: A) O percentage points. B) 2...
Consider the following data for an economy in 2018: Full-time employed workers Part-time employed workers Unemployed...
Consider the following data for an economy in 2018: Full-time employed workers Part-time employed workers Unemployed workers but discouraged from job search Unemployed workers but actively seeking jobs Employed workers in the underground 85 million 20 million 5 million 12 million 7 million economy Retirees, full-time students, and stay- home parents 8 million (a) With the data above, clearly show your steps and calculate the economy's unemployment rate. (b) Briefly discuss three (3) criticisms or shortcomings of the United States'...
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.
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...
7. Discouraged searchers and underemployed workers By keeping track of discouraged workers and underemployed workers, Statistics...
7. Discouraged searchers and underemployed workers By keeping track of discouraged workers and underemployed workers, Statistics Canada gets a dearer picture of the true employment situation than if It looked at only the number of unemployed workers. Which of the following statements correctly describe discouraged searchers? Check all that apply. They would like to have jobs They are part-time workers who want to work full time They are not in the labour force They have not looked for work during...
Question 5 a) Statistics Canada counts as employed people who work part-time but would prefer to...
Question 5 a) Statistics Canada counts as employed people who work part-time but would prefer to work full-time. Suppose the people who had part-time jobs, but wanted full-time jobs, were counted as unemployed. Explain how the unemployment rate and the labour force participation rate would change. b) The labour force survey does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labour force participation rate would change. c) How...
stion 5 of 20 Resources Give Up? Hint Check And > Attemp The table describes hypothetical...
stion 5 of 20 Resources Give Up? Hint Check And > Attemp The table describes hypothetical employment statistics in the United States in a given year. The labor force is the sum of those that are employed plus the unemployed. Labor Full-time workers and Underemployed Discouraged force voluntary part-workers workers workers 170 140 million 7 million 5 million million Based on the information, what is the unemployment rate? Specify your answer to one decimal place. unemployment rate: about us Careers...
Question 15 1 pts Official unemployment is identified as when: a worker leaves her job to...
Question 15 1 pts Official unemployment is identified as when: a worker leaves her job to attend school full-time. O a worker who is not currently employed is searching for a job unsuccessfully. O a worker retires from her job. a worker who is not currently employed stops searching for a job because she feels there is no job available for her. a worker who is not currently employed stops searching for a job. Question 16 1 pts The main...
Perhaps the part of the economy that people see most directly is the labor market. These...
Perhaps the part of the economy that people see most directly is the labor market. These include topics like employment, unemployment, and related aspects of this market. These questions and their answers (released after this assignment is due) will help you prepare for the next quiz. Category Millions total population 310 population 16 and above 250 employed 192 unemployed 8.00 structurally unemployed 4.00 frictionally unemployed 2.00 unemployed more 27 weeks or more 2.00 marginally attached workers 2.00 discouraged workers 1.00...
Simply counting the number of unemployed workers will not necessarily give the Bureau of Labor Statistics...
Simply counting the number of unemployed workers will not necessarily give the Bureau of Labor Statistics (BLS) the most accurate indication of the extent of underemployment in the economy. Some part-time workers will be counted as employed even if they'd like to work full-time. Furthermore, some jobless workers will not qualify as unemployed because they have given up on their job search, frustrated with their inability to find work. Fortunately, the BLS can use the information provided in the household...
Use the following to answer questions 12-13: The following information is about a hypothetical economy: Full-time employed = 80 Part-time employed = 25 Unemployed = 15 Discouraged workers = 5 Members of underground economy = 6 Consumer Price Index = 110 12. Refer to the above information. If the members of the underground economy are presently counted as part of the unemployed when in fact they are employed, the unemployment rate is overstated by: A) O percentage points. B) 2...
Consider the following data for an economy in 2018: Full-time employed workers Part-time employed workers Unemployed workers but discouraged from job search Unemployed workers but actively seeking jobs Employed workers in the underground 85 million 20 million 5 million 12 million 7 million economy Retirees, full-time students, and stay- home parents 8 million (a) With the data above, clearly show your steps and calculate the economy's unemployment rate. (b) Briefly discuss three (3) criticisms or shortcomings of the United States'...
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...
7. Discouraged searchers and underemployed workers By keeping track of discouraged workers and underemployed workers, Statistics Canada gets a dearer picture of the true employment situation than if It looked at only the number of unemployed workers. Which of the following statements correctly describe discouraged searchers? Check all that apply. They would like to have jobs They are part-time workers who want to work full time They are not in the labour force They have not looked for work during...
Question 5 a) Statistics Canada counts as employed people who work part-time but would prefer to work full-time. Suppose the people who had part-time jobs, but wanted full-time jobs, were counted as unemployed. Explain how the unemployment rate and the labour force participation rate would change. b) The labour force survey does not count discouraged workers as unemployed. Suppose discouraged workers were counted as unemployed. Explain how the unemployment rate and the labour force participation rate would change. c) How...
stion 5 of 20 Resources Give Up? Hint Check And > Attemp The table describes hypothetical employment statistics in the United States in a given year. The labor force is the sum of those that are employed plus the unemployed. Labor Full-time workers and Underemployed Discouraged force voluntary part-workers workers workers 170 140 million 7 million 5 million million Based on the information, what is the unemployment rate? Specify your answer to one decimal place. unemployment rate: about us Careers...
Question 15 1 pts Official unemployment is identified as when: a worker leaves her job to attend school full-time. O a worker who is not currently employed is searching for a job unsuccessfully. O a worker retires from her job. a worker who is not currently employed stops searching for a job because she feels there is no job available for her. a worker who is not currently employed stops searching for a job. Question 16 1 pts The main...
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