Homework Answers
ANS. 1:
As we can see in the graph that at the wage rate $15,
labour demand ( in blue) = 20,000
labour supply ( in red ) = 24,000
So, no. of people will remain unemployed = 24,000 - 20,000 = 4,000
Therefore, option D is correct.
ANS. 2:
Unemployed people = 3 million
Employed People = 55 million
Total labour force = 3+55 = 58 million
Unemployment rate = Unemployed people / Total labour force *100
= 3,000,000 / 58,000,000 *100
= 5.17%
This means 5.17% of people are unemployed out of total labour force of 58 million.
ANS. 3:
Labour force includes all those individual anyone who are employed whether part time or full time or currently unemployed and searching for work and excludes all those individuals who are neither working nor actively searching for work.
So, in option 1, Patricia is unemployed and searching for a job. Hence, she is a part of labour force.
In option 2, William is unemployed and not even searching for work. Hence, = he is out of Labour force.
In option 3, Joshua is atleast working somewhere that means he is employed which makes him a participant of labour force.
In option 4, Madison is also active in work and considered as employed that makes him a participant of labour force.
ANS. 4:
Employed people = 140 + 7 = 147 million
Total labour force given = 170 million
Unemployed people = Total labour force given - Employed people
= 170 - 147 = 23 million
Unemployment rate = Unemployed people / Total labour force *100
= 23 / 170 *100
= 13.52 %
Discouraged workers will not included anywhwere as these are not considered as active labour force because they are those who want and are available to work, but believe there is no work for them to do and neither like a job nor search for work. So, they are out of active labour force.
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