HFC Online Video Tutorial1. What would the unemployment rate be if, in an economy, there were 10million unemployed individuals, 118 mitlion employed individuals, and 64million individuals not in the labor force?A) 5.2%B) 3.9%C) 7.8%D) 5.5%2. What would the labor force participation rate (LFPR) be if, in aneconomy, there were 10 million unemployed individuals, 110 millíonemployed individuals, and 60 million individuals not in the labor force?A) There is not enough information to calculate the LFPRB) 200%C) 64.7%D) 66.7%3. Which single word below most nearly captures the definition of GDP?A) ConsumptionB) LaborC) OutputD) Prices4. If unemployed workers become discouraged and stop looking for work,dropping out of the labor force, the unemployment rate:A) remains unchanged.B) falls.C) may rise or fall, depending on other factors.D) rises.question 1:question 2:question 3:30F2F3DIIF4F5F6F7FB@2324&47QWE∞ *>< CO

Answered: 1. What would the unemployment rate be…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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HFC Online Video Tutorial
1. What would the unemployment rate be if, in an economy, there were 10
million unemployed individuals, 118 mitlion employed individuals, and 64
million individuals not in the labor force?
A) 5.2%
B) 3.9%
C) 7.8%
D) 5.5%
2. What would the labor force participation rate (LFPR) be if, in an
economy, there were 10 million unemployed individuals, 110 millíon
employed individuals, and 60 million individuals not in the labor force?
A) There is not enough information to calculate the LFPR
B) 200%
C) 64.7%
D) 66.7%
3. Which single word below most nearly captures the definition of GDP?
A) Consumption
B) Labor
C) Output
D) Prices
4. If unemployed workers become discouraged and stop looking for work,
dropping out of the labor force, the unemployment rate:
A) remains unchanged.
B) falls.
C) may rise or fall, depending on other factors.
D) rises.
question 1:
question 2:
question 3:
30
F2
F3
DII
F4
F5
F6
F7
FB
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23
24
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4
7
Q
W
E
∞ *
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< CO

Expert Solution

Step 1

The per centum is that the percent of the proletariat that's jobless. it's a lagging indicator, meaning that it generally rises or falls within the wake of fixing economic conditions, instead of anticipating them. When the economy is in unfitness and jobs are scarce, the percent may be expected to rise. When the economy is growing at a healthy rate and jobs are relatively plentiful, it will be expected to fall.

$U n e m p l o y m e n t R a t e = \frac{U n e m p l o y e d}{C i v i l i a n L a b o r F o r c e}$
Thus the unemployment rate will be:

$U n e m p l o y m e n t r a t e = \frac{10}{(10 + 118)} \times 100 U n e m p l o y m e n t r a t e = 7.8 %$

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