Homework Answers
Unemployment is a determining factor of the overall economic performance. Keeping unemployment in check is one of the primary objectives of any government, as it entails a huge burden on the economy.
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Question #4 a. Assume that the real wage in an economy is held above equilibrium. i....
Assume that the real wage in an economy is held above equilibrium. Graphically illustrate how an...
Assume that the real wage in an economy is held above equilibrium. Graphically illustrate how an increase in technology that raises the demand for labor will change the number of unemployed workers. Be sure to label the axes and the quantities of labor hired before and after the technological progress. Explain in words what happens to the number of unemployed as a result of this change. 2. a. b.
1. Suppose 21 million people are unemployed today in an economy. If the rate of job...
1. Suppose 21 million people are unemployed today in an economy. If the rate of job separation is 0.02 per month and the rate of job finding is 0.08 per month, what is the natural rate of unemployment? If labor force remains unchanged over time and 64 million people are employed in the steady-state of the economy, how many people are unemployed in the steady-state?
1. In an economy, 2 percent of the employed lose their job every month (s =...
1. In an economy, 2 percent of the employed lose their job every month (s = 0.02) and 10 percent of the unemployed find a job every month (f = 0.10). a. What is the steady-state rate of unemployment? b. If the economy were at a steady-state unemployment rate and the labour force were 20 million, how many individuals would lose their jobs each month? Suppose the GDP growth rate is 6 percent and inflation is 2 percent. If the...
Picture an economy with 100,000 workers in its labor force. The unemployment rate is simply the...
Picture an economy with 100,000 workers in its labor force. The unemployment rate is simply the number of unemployed workers divided by the number of workers in the labor force. At the beginning of January, the unemployment rate is 4.76%, so 4,760 people in the labor force are unemployed. Suppose that in January, 10% of the workers who were unemployed at the beginning of the month start new jobs. This means that ________ people leave the unemployment category in January....
Suppose the labor market has the following statistics: Unemployed=1million, Employed=4million, Adult population= 7million. (a) Suppose of...
Suppose the labor market has the following statistics: Unemployed=1million, Employed=4million, Adult population= 7million. (a) Suppose of the 1million unemployed, 80,000 of them find jobs every month; of the 4million employed,160,000 lose their jobs every month. (i) Calculate and interpret the steady state rate of unemployment (ii) Give an example of a policy that would reduce the rate of job separation. (iii) Suppose this policy reduces the number of people losing their jobs from 160,000 to 120,000. Calculate and explain how...
Question 6 1 pts Consider an economy made up of 100 people, 50 of whom hold...
Question 6 1 pts Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately: O 17 percent. O 20 percent. 25 percent. 12 percent. 10 percent. Previous Next UiZ instructions Question 7 1 pts The unemployment rate will decrease whenever there is a(n): O reduction in the size of the labor force. decrease in the number of unemployed and...
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level....
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
Number 4 please. Not sure if I got the right job separation rate 4. Assume that...
Number 4 please. Not sure if I got the right job separation
rate
4. Assume that during the school year you look for a part-time job, and that on averageks takes 2 weeks to find one. Also assume that the typical job lasts 1 semester, or 12 weeks. (a) What is the job finding rate? What is the job separation rate? (Think about it terms of jobs per week) [10 points (b) What is the natural rate of unemployment in...
QUESTION 6 Which of the following statements is CORRECT? Real wage is the share of output...
QUESTION 6 Which of the following statements is CORRECT? Real wage is the share of output per worker that is claimed by the employer through the markup Diffusion gap is the lag between some outside change in labor market conditions and the movement of the economy to the neighborhood of the new equilibrium The implementation of the new technology displaces a number of workers from their jobs both in the short and long run Migrants will likely increase the rate...
in this question,i thought at minimum wage rate 8$ rate there is more people to apply...
in this question,i thought at minimum wage rate 8$
rate there is more people to apply to jobs,but at 5$ people are
more reluctant to apply for jobs,so 8$ labor force increases but at
5$ unemployment rate would increase.
Is this approach true? Which variables ffected by setting minimum
wage price in macroeconomics? Thank you
Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 47) Refer to Figure 20-1. Based on the...
Assume that the real wage in an economy is held above equilibrium. Graphically illustrate how an increase in technology that raises the demand for labor will change the number of unemployed workers. Be sure to label the axes and the quantities of labor hired before and after the technological progress. Explain in words what happens to the number of unemployed as a result of this change. 2. a. b.
Question 6 1 pts Consider an economy made up of 100 people, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The unemployment rate is approximately: O 17 percent. O 20 percent. 25 percent. 12 percent. 10 percent. Previous Next UiZ instructions Question 7 1 pts The unemployment rate will decrease whenever there is a(n): O reduction in the size of the labor force. decrease in the number of unemployed and...
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
Number 4 please. Not sure if I got the right job separation
rate
4. Assume that during the school year you look for a part-time job, and that on averageks takes 2 weeks to find one. Also assume that the typical job lasts 1 semester, or 12 weeks. (a) What is the job finding rate? What is the job separation rate? (Think about it terms of jobs per week) [10 points (b) What is the natural rate of unemployment in...
QUESTION 6 Which of the following statements is CORRECT? Real wage is the share of output per worker that is claimed by the employer through the markup Diffusion gap is the lag between some outside change in labor market conditions and the movement of the economy to the neighborhood of the new equilibrium The implementation of the new technology displaces a number of workers from their jobs both in the short and long run Migrants will likely increase the rate...
in this question,i thought at minimum wage rate 8$
rate there is more people to apply to jobs,but at 5$ people are
more reluctant to apply for jobs,so 8$ labor force increases but at
5$ unemployment rate would increase.
Is this approach true? Which variables ffected by setting minimum
wage price in macroeconomics? Thank you
Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 47) Refer to Figure 20-1. Based on the...
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