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11. Given the following data, what is the labor force participation rate? Populatiorn Civilian, non-institutionalized population, age 16 and over Employed persons Unemployed persons 200 million 150 million 100 million 50 million 66.7% b. 75% 80% d. 84% e. 100% a. с. 12. In problem 11, how many NILFs were there? a. none e. I dont know; I was expecting some kind of joke about your mom b. 50 million c. 100 milliond. 200 million 13. If discouraged workers all decided to start looking for work, what would happen to the labor force participation rate? (Assume none of them are actually going to find jobs.) a. It would increase b. It would decrease c. No change d. Wed need more information 14. Marias employer is considering her for a training program that will cost $3 per hour. Her current VMPu is $15 per hour and will rise to $30 upon completion of the program. The training would make her more productive for her employer, but also for any other employer. Of the following, Marias training and post-training wage, respectively, will most likely be: a. $15; $30 b. $12; $15c. $15; $16d. $12; $30 e. $12, $27

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Answer #1

11) Labour force consists of the people of age above 16 who are either employed or actively looking for jobs.

So, labour force participation rate is= Total labour force/ Total Population = 150 million / 200 million

= 0.75 = 75%. So option B is the correct answer.

12) Total number of NILFs in question 11 is= Total Population - People in labour force =

= 200 million - 150 million = 50 million So B is the correct answer.

13) Is discouraged workers also decide to look for work and assuming that they don’t find jobs then they will be counted among the unemployed people. We know unemployed people who are looking for jobs are the part of labour force. And in this case the labour force will increase and hence labour force participation rate will also increase. So option A is the correct answer.

14)Cost of training program = $ 3 per hour

Present VMPL of Maria = $15 per hour.

VMPL of Maria after completion of training = $30

So her wage while training will be = VMPL - Cost of training program = $15 -$3 = $12

And her wage after training will be $30.

So option D is the correct answer.

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