16. Suppose that the government imposes a minimum wage of $7. Then, the size of labor forcewill bepeople, the number of people employed will be. , and the number ofpeople unemployed will be.a. labor force = 50, employment = 30, unemployment = 20b. labor force = 50, employment = 50, unemployment = 0c. labor force = 70, employment = 30, unemployment = 40d. labor force 70, employment = 50, unemployment = 20

Here's why the other options are incorrect:a. labor force = 50, employment = 30, unemployment = 20:…

Answered: 16. Suppose that the government imposes…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1
1. To be considered unemployed, a person needs to meet 2 qualifications: a. b. 2. Historically, what are the highest and lowest unemployment rates in our history? 3. There are 5000 people of working age. 2500 people are working full time. 900 are working part time. 350 people are without jobs and looking for work. a. Calculate the unemployment rate. b. Calculate the labor force participation rate. #3 % & 3 4. 8 6. e y W f k a C V m alt alt
If the number of unemployed equals 240,000 and the number of employed equals 300,000, the labor-force participation rate a. is 24%. is 80%. cannot be determined from this information. O b. O d. is 55.6%.
4 Calculate unemployment rate and labor force participation rate for both 2020 and 2021 given the following information: In 2020, there were 18,000 people employed, 1,200 people unemployed, and 1,600 people not in the labor force. In 2021, the following events occurred: 900 people who were looking were hired, 900 people were fired from their jobs and only one third started looking for a new job, 300 people quit their jobs and did not look for new, 100 people who were not working decided to start looking, 700 people retired, and 300 people who were looking decided to stop looking due to lack of success.
5. If a discouraged worker reenters the labor force and begins searching for jobs but doesn't find one, the unemployment rate will a. Go down because our economy is on the right track, with more people wanting to work. b. Stay the same because the number of people with jobs didn't change. c. Stay the same because the worker isn't counted in the labor force until the worker finds a job again. d. Increase because the percentage of labor force participants with jobs has decreased.
labor force participation rate: a. The federal minimum wage is raised to $12.50 per hour. b. The minimum legal working age is raised from 16 to 18. c. The economy is in the midst of a prolonged recession. d. The federal government imposes a legal retirement age e. The federal government increases the minimum age require- ment for collecting Social Security benefits. of 65. 5. Suppose all wages, salaries, welfare benefits, and other sources of income were indexed to inflation. Would inflation still be considered a problem? Why or why not? Duatice on h 1671 According to 7 Unemployment, Inflation, and Long-Run Growth
Finance
12. Whats a possible explanation for the variations in unemployment over time and the variation in unemployment by age, gender, educational attainment, and race?
Image
12. A person who has given up searching for work is called: a depressed worker a discouraged worker an underemployed worker cyclically unemployed frictionally unemployed
Q16
10. Which of the following is the most appropriate cause of structural unemployment? a.Seasonal changes b.Economic expansions c.Recessions d.Technological changes

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