1. Assume that a survey of households revealed that the non-institutional population 16 years and older is 250 million. Of that group, 100 million are working full-time and 50 million are working part-time. 15 million of the part-time workers said that they would prefer to be working full-time while the other 35 million prefer to be working part-time. Of the people who are not working, 11 million said that they want to work. All 11 million had either gone to a job interview or submitted a resume during the last year, but only 5 million had done so during the past month. Given this information, find the a. unemployment rate b. labor force participation rate c. u6 measure of labor utilization
1. Assume that a survey of households revealed that the non-institutional population 16 years and older is 250 million. Of that group, 100 million are working full-time and 50 million are working part-time. 15 million of the part-time workers said that they would prefer to be working full-time while the other 35 million prefer to be working part-time. Of the people who are not working, 11 million said that they want to work. All 11 million had either gone to a job interview or submitted a resume during the last year, but only 5 million had done so during the past month. Given this information, find the a. unemployment rate b. labor force participation rate c. u6 measure of labor utilization
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 11RQ: If you an? out of school but working part time, are you considered employed or unemployed in U.S....
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![1. Assume that a survey of households revealed that the non-institutional population 16 years and
older is 250 million. Of that group, 100 million are working full-time and 50 million are working
part-time. 15 million of the part-time workers said that they would prefer to be working full-time
while the other 35 million prefer to be working part-time. Of the people who are not working, 11
million said that they want to work. All 11 million had either gone to a job interview or
submitted a resume during the last year, but only 5 million had done so during the past month.
Given this information, find the
a. unemployment rate
b. labor force participation rate
c. u6 measure of labor utilization](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F152d606a-19d5-42cc-b16b-d3ab7c31caac%2Fb216dcea-c083-472a-8e95-68e44f6a222f%2Fo6smnhk_processed.png&w=3840&q=75)
Transcribed Image Text:1. Assume that a survey of households revealed that the non-institutional population 16 years and
older is 250 million. Of that group, 100 million are working full-time and 50 million are working
part-time. 15 million of the part-time workers said that they would prefer to be working full-time
while the other 35 million prefer to be working part-time. Of the people who are not working, 11
million said that they want to work. All 11 million had either gone to a job interview or
submitted a resume during the last year, but only 5 million had done so during the past month.
Given this information, find the
a. unemployment rate
b. labor force participation rate
c. u6 measure of labor utilization
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