Homework Answers
A discouraged worker is that worker who is not looking for the job and is unemployed. All those people who are unemployed but not seeking for a job are not included in the labor force. So, a discouraged worker is not included in the labor force.
The labor force includes the number of people employed and the number of people unemployed. So, the labor force is 90 + 5 which equals 95. The number of people unemployed are 5. The unemployment rate is calculated by the following formula:
Putting the values:
So, the unemployment rate is 5.26%. The discouraged workers are a part of the population but are not included in the calculation because they are not a part of the labor force.
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Consider the following elements of the economy of Connsylvania for 2019: Not in Labor force 50...
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 unemployment3%Natural rate of unemployment4%Population of the country125mitlonNumber of people employed97miltionNumber of people unemployed3 millionNumber of people employed part-time5 millionNumber of discouraged workers2 milliona. 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...
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?
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...
Consider this information about Liam's Land in 2019: Not in the labor force 45 Unemployed 7...
Consider this information about Liam's Land in 2019: Not in the labor force 45 Unemployed 7 Total Population 145 Employed 95 Discouraged Workers 3 The labor force in Liam's Land for 2019 is: 95 102 0 0 0 0 105 145
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.)...
2. Labor Force Participation 75 % #Unemployed =50 million #Working Age Population 200 Million A) Calculate:...
2. Labor Force Participation 75 % #Unemployed =50 million #Working Age Population 200 Million A) Calculate: #Employed, #Labor Force, #Not in Labor Force and Unemployment Rate B) If the economy was in recession and is now starting an expansion would we expect unemployment to increase or decrease? Which types of unemployment should change? C) The next unemployment numbers are reported and unemployment rises, is this consistent with your estímate in B? Explain why the increase in unemployment may be due...
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...
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...
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...
Consider this information about Liam's Land in 2019: Not in the labor force 45 Unemployed 7 Total Population 145 Employed 95 Discouraged Workers 3 The labor force in Liam's Land for 2019 is: 95 102 0 0 0 0 105 145
2. Labor Force Participation 75 % #Unemployed =50 million #Working Age Population 200 Million A) Calculate: #Employed, #Labor Force, #Not in Labor Force and Unemployment Rate B) If the economy was in recession and is now starting an expansion would we expect unemployment to increase or decrease? Which types of unemployment should change? C) The next unemployment numbers are reported and unemployment rises, is this consistent with your estímate in B? Explain why the increase in unemployment may be due...
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...
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...
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