Critical Thinking: Assume an economy that has a total population of 290 million people of which...
An economy has 200 million people divided among the following groups; 50 million have full time jobs, 20 million have one part-time job, 40 million have two part-time jobs, 30 million would like to work and are looking for jobs, 10 million would like to work but are so discouraged they have given up looking, 10 million are running their own business, 10 million are retired, and 30 million are small children. a. What is the size of the labor...
In an economy, the working-age population is 400 million. Of this total, 320 million workers are employed. 12 million workers are unemployed. 56 million workers are not available for work (homemakers, full-time students, etc.). 8 million workers are available for work but are discouraged and thus are not seeking work. 4 million workers are available for work but are not currently seeking work due to transportation or childcare problems The unemployment rate in this economy is | %. (Round your...
In an economy, the working-age population is 400 million. Of this total, 300 million workers are employed. 16 million workers are unemployed. 64 million workers are not available for work (homemakers, full-time students, etc.). 12 million workers are available for work but are discouraged and thus are not seeking work. 8 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is % (Round your answer...
In an economy, the working-age population is 200 million of this total, 150.0 million workers are employed. 8.0 million workers are unemployed. 32.0 million workers are not available for work (homemakers, full-time students, etc.) 6.0 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 transportation or childcare problems. The labor force participation rate in this economy is %. (Round...
Question 25 (8 points) The economy has part time workers of 40 million people, and full time workers of 150 million people. There are 5 million who have no job and search for one. Lastly, 10 million who have no job but stop searching while waiting for a positive mood in the economy. The unemployment rate in the economy is %. (Your answer should include the first decimal point if there is.)
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...
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...
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...
21. Insofar as government public policy is concerned, the best way to battle unemployment would be A. to minimize the severity of recessions B. to maximize unemployment payments C. to maximize unemployment insurance duration D. to minimize labor unions 22. The labor force consists of A. discouraged workers, employed workers, plus those actively seeking work. B. all adults who are working or actively seeking work. C. all adults who are able to work D. all adults who are working, plus...
After the financial crisis that hits the country of Cinfuria in 2012, a total of 4 million people are unemployed. If 35 million individuals are lucky enough to keep their jobs, what is the unemployment rate? Please specify your answer to two decimal places. Unemployment rate= % The labour force is comprised of the number of people counted as employed, unemployed, and discouraged workers. the number of people counted as full-time employees. the number of people counted as employed and...