11 :)22) There are 10 million people in the country of Natural.500,000 are retired♦1,000,000 are children under the age of 18500,000 are full-time students.500,000 thousand are taking care of children full time.1,000,000 have given up looking for work.0400,000 of these people lost their jobs because lots of people have stoppedspending money.L600,000 of these people have lost their jobs because technology is changingand the economy doesn't need their skills anymore.200,000 would be willing to work unskilled jobs while they get newskills6,000,000 are working.500,000 are officially looking for work.o 300,000 of these people lost their jobs because lots of people have stoppedspending money.o 200,000 of these people have lost their jobs because technology is changingand the economy doesn't need their skills anymore.100,000 would be willing to work unskilled jobsa) What is the labor force in this economy?What would the labor force be if the economy was at potential output?c) What is the natural rate of unemployment in this economy?loofee

Unemployment refers to the situation when a person is not engaged in any economic activity. If the…

22) There are 10 million people in the country of Natural 500,000 are retired . 1,000,000 are children under the age of 18 500,000 are full-time students 500.000 thousand are taking care of children full time. 1,000,000 have given up looking for work. . . . 400,000 of these people lost their jobs because lots of people have stopped spending money. 600,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. 200,000 would be willing to work unskilled jobs while they get new • 6,000,000 are working. • 500,000 are officially looking for work. o 300,000 of these people lost their jobs because lots of people have stopped spending money. o 200,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. • 100,000 would be willing to work unskilled jobs a) What is the labor force in this economy? What would the labor force be if the economy was at potential output? What is the natural rate of unemployment in this economy?

22) There are 10 million people in the country of Natural 500,000 are retired . 1,000,000 are children under the age of 18 500,000 are full-time students 500.000 thousand are taking care of children full time. 1,000,000 have given up looking for work. . . . 400,000 of these people lost their jobs because lots of people have stopped spending money. 600,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. 200,000 would be willing to work unskilled jobs while they get new • 6,000,000 are working. • 500,000 are officially looking for work. o 300,000 of these people lost their jobs because lots of people have stopped spending money. o 200,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. • 100,000 would be willing to work unskilled jobs a) What is the labor force in this economy? What would the labor force be if the economy was at potential output? What is the natural rate of unemployment in this economy?

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....

See similar textbooks

Similar questions

8. Refer to Figure 28-3. If the minimum wage is set at $100, how many will be unemployed? 9. Refer to Figure 28-3. If the minimum wage is equal to $125, what is the quantity of labor supplied, thequantity of labor demanded, and number unemployed? 10. Suppose the interest rate is 5% and that you are to receive three annual payments of $10,000, with the first payment one year from now, the second payment two years from now, and the third payment three years from now. What is the present value of this stream of payments?
30
Typed plz
Q9
5. Comparing salaries from different times Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Nicklaus, and Kite, use the formula for converting dollar figures from an earlier era into year 2010 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings (Dollars) Year Golfer 1968 Billy Casper 1973 Jack Nicklaus U.S. CPI (1983 = 100) Winnings in 2010 Dollars 34.8 205,169 44.4 308,362 375,699 20,508,163 1981 Tom Kite 2010 Tiger Woods 90.9 224.9 20,508,163 True or False
4
Interest rates in Eturia are shown in the following table. 2013 2014 2015 8% 6% 5.2% 6.8% 4.3% 5.9% The real interest rate for 2013 is O A. The real interest rate is 1.2% O B. The real interest rate is -1.2% O C. The real interest rate is 1.7% OD. The real interest rate is -0.7% Nominal Interest Rate Inflation Rate
Total Population Civilian Population Employed Unemployed 300,000 250,000 127,500 22,500 The above table shows some labor market data for a country. Potential GDP in this country is Yp = 100,000, natural rate of unemployment is 5 percent. Okun's alpha has been estimated to be a = 2. What is the labor force participation rate in this country? O 50.00 percent O 51.00 percent O 60.00 percent O 62.00 percent O None of the above.
Assume that an economy has the following population data: Total adults over age of 16 year: 243 million Total population in labor force: 155 million total employed population: 140 million Find the unemployed rate in this economy? а. 9.67% b. 57.6% O c. 10.71% O d. 63.78%
3. Comparing salaries from different times Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Nelson, Nicklaus, and Pavin, use the formula for converting dollar figures from an earlier era into year 2021 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings Year 1945 Byron Nelson 1973 Jack Nicklaus Corey Pavin 1991 2021 John Rahm Golfer True (Dollars) 63,336 308,362 979,430 7,705,933 False U.S. CPI (1983 = 100) 18 44.4 136.2 264.7 Winnings in 2021 Dollars True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. 7,705,933
QUESTION 49 How would you define the number of people who are unemployed? O a. The number of people of working age who do not have a job O b. The number of adults who are willing to work at the current wage rate but do not have a job O c. The number of people of working age who are willing to work at the current wage rate but do not have a job O d. The number of adults who do not have a job
The “prime” interest rate is the rate that bankscharge their best customers. Based on the nominalinterest rates and inflation rates in Table 19.10, inwhich of the years would it have been best to be alender? Based on the nominal interest rates and inflationrates in Table 19.10, in which of the years given wouldit have been best to be a borrower?