Answered: a) 125 b) 180 C245 d) 295 e) 400 What…

a) 125 b) 180 C245 d) 295 e) 400 What is the unemployment rate? a) 3.75% b) 4.4% C 7.0% d) 7.5% e) 7.9% What is the labor force participation rate? a) 50.0%

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 16RQ: Assess whether the following would be counted as unemployed in the Current Employment Statistics...

See similar textbooks

Related questions

Q: 14% of working age adults are out of the labor force. What could be the real percent of adults who…

A: A person is said to be unemployed when he or she is unable to find work at prevailing market wage…

Q: Perfect Population Projections Inc. (PPP) has entered into a contract with the city of Popular,…

A: The expected or forecasted population for a certain future year is referred to as the projected…

Q: Number of adults 15,000 Number of adults who are paid employees 8,000 Number of adults who work…

A: The correct answer to the above-mentioned question is 9.7%.

Q: A newspaper article mentions that two of South Korea’s largest semiconductor manufacturers, -…

A: Semiconductors contribute substantially to economic growth through their facilitation of…

Q: Calculate the number of people in labor force, if the population is 100, among that 60 people have…

A: Labor force=employed+unemployed =60+10+15=85

Q: Two mutually exclusive alternatives are being considered as possible ways to reduce traffic…

A: The benefit-cost ratio (BCR), which can be stated in monetary or qualitative terms, is a metric that…

Q: According to the Department of Statistics Malaysia (DOSM), as of 2020, the country’s share of…

A: AE or Allocative efficiency refers to the ability of farmers in efficiently allocating the resources…

Q: The 20018 Q2 unemployment rate in Africa was 4.0%. This represented 110,000 unemployed individuals.…

Q: Perfect Population Projections Incorporated (PPP) has entered into a contract with the city of…

A: The expected or forecasted population for a certain future year is referred to as the projected…

Q: The following table gives information about transactions on the Balance of Payments accounts of…

A: Export implies goods or services produced in one country but sold to a customer abroad. Exports are…

Q: The 2018 Q2 unemployment rate in Africa was 4.0%. This represented 110,000 unemployed individuals.…

A: The unemployment rate is the rate that shows the proportion of unemployed people in the total labor…

Q: According to the U.S. population surveys conducted by the census, since 1980 the total foreign-born…

A: Population surveys helps to determine the demographic characteristics of people in an economy.

Q: From the highest to the lowest, the percentage of firms by business type in the United States is…

A: The monopoly market is described as the sole seller of a market having more consumers. Monopoly…

Q: Use the following information to answer questions #19 and #20. Suppose country ABC has a total…

A: Concept The labour force participation rate is a metric that indicates how much labour is available…

Q: The country of Altimina has a population of 150,000. According to the latest data, there are 20,000…

A: Given Population = 150000 People under 16 = 20000 People above age 16 (not looking for work) = 30000…

Q: Announcers present music, news, and sports, and may provide commentary or interview guests about…

A: The median annual wage for announcers in May 2014 = $29,010 Wage of newscaster = $33,900 Amount to…

Q: 987,156 Currently Working 9845 (ages 13-14) looking for work 23,000 volunteer workers 12,000 (ages…

A: The underground economy, also known as the shadow economy, is the trade of goods and services that…

Q: Which of the below is NOT indicated labor union membership in the U.S.? Group of answer choices…

A: An organization that in turn engages with an employer in the process of collective bargaining to…

Q: Define the term "HDI". Explain in more than 150 words and without plagiarism.

A: The Human Development Index (HDI), a statistic created and published by the United Nations since…

Q: In 2017-18, the Pakistan Bureau of Statistics announced that of all adult Pakistanis, 59,786,200…

A: Natural unemployment signifies the average rate of unemployment to which a nation approaches in the…

Q: Determine the mixed-strategy Nash equilibrium for this game. and for The mixed-strategy Nash…

A: Mixed-strategy Nash equilibrium refers to the strategy where players randomize their choices on the…

Q: Compute the R² using the following information. What does this number mean? Wage = 4.43 +0.61Edu+ e…

A: R2 (i.e. R-square) measures the variation in a dependent variable explained by the independent…

Q: While the salaries for all three countries (for the three industries shown) are all smaller than…

A: Wage refers to the sum of money given by employers or owners of a business to their employees in…

Q: Adult Population (civilian, non- institutionalized) 14,000 10,000 2,100 1,900 Employed Unemployed…

A: Labor force participation rate: It calculated the participation of the labor force as of the…

Q: In 2013, Furl Co. sold 15 million units of chocolate bars, which PepP unit market share. As years…

A: Given: 2013: 15 million units represented 35% of the market share. 2019: Market share increased to…

Q: In Costa Rica, which has 1,000 residents, 400 people do not currently work. Of these 400 persons,…

A: Answer; Total Population = 1000 No Of Unemployec = 400 No Of Employed = 600 150…

Q: An investment of P 20000 earned P350 for 180 days, what is the annual rate of interest?

A: An investment of 20,000 earned 350 for 180 days.…

Q: Adult Population (civilian, non-institutionalized) 14,000 Employed 10,000 Unemployed 2,100 Not in…

A: Labor force participation rate: It calculated the participation of the labor force as of the…

Q: There are 300 individuals in Latvaria. Of these, 75 are younger than 16, 5 are in prison, and 20 are…

A: The labor force participation rate refers as a measure of an economy’s active workforce. The formula…

Q: Suppose the market equilibrium wage is $12.00 an hour, and the minimum wage is currently $10.00 an…

A: The study of labour as a component of the manufacturing process is known as labour economics. The…

Q: A company sells three types of products for $20, $15, and $10 per unit. In 1 year, the total revenue…

A: Total revenue is the total receipts collected from the sale of the goods and services in the market.…

Q: Latest statistics obtained from Board of Engineers Malaysia (BEM) official website states thatthere…

A: Figure 1. This is slightly below 10% of the total Graduate Engineers registered with BEM.Most…

Question

Springfield is a small town with a total civilian population of 800. Of this population, 125 are under the age of 16. Of the population 16 and over, there are 350 working full-time and another 50 working part-time. Of the remaining adult population, 30 people recently quit their jobs in order to look for better employment. Finally, there are 40 full-time students (not working), 180 retired and another 25 stay-at-home spouses.

How many people are not in the labor force (NIELF)
a) 125
b) 180
C245
d) 295
e) 400
What is the unemployment rate?
a) 3.75%
b) 4.4%
C 7.0%
d) 7.5%
e) 7.9%
What is the labor force participation rate?
a) 50.0%
b) 53.75%
59.26%
d63.7%
e) 84.38%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If the number employed is 170 million, the working-age population is 240 million, and the number unemployed is 20 million, the labor force participation rate is 65%, then the unemployment rate is A. 18.8% B. 10.5% C. 29.2% D. 8.3% E. can not be determined because we do not know what the labor participation rate is for the actual working age population.
The population of Gilligan’s Island is 100 people: 40 work full-time, 20 work half-time but prefer to work full-time, 10 are looking for a job, 10 would like to work but are so discouraged they have given looking, 10 are not interested in working because they are full-time students, and 10 are retired. a) What is the unemployment rate?b) What is the employment-to-population ratio? c) Suppose that two of the people looking for jobs become discouraged and stop searching. What is the unemployment rate in this case? What is the employment-to-population ratio?
In a town of 800 people there are 120 children under the age of 16, 76 retired people, 92 people with part -time jobs, 37 full-time students, and 21 people who watched their children fulltime. There were 154 people without work who gave up looking for a job. Everyone else either had a full-time job or was actively searching for one, and the labor force participation rate is 57.6 %. If fthe unemployment rate is 12.5%, what is the number of full-time employed people?
Pattempt-321446&cmid%3D203021&page%3D1 Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 Employed Unemployed Not in the Labor Force 5,000 people 80000 people Refer to Table 22 3. The unemployment rate is Lutfen birini seçin O A 6 25% OB 28% OC 53% OD72% OES
Full-time workers Part-time workers Not working, but seeking employment Discouraged workers Retired Incarcerated Adult population 45.000 B) The unemployment rate= 10,000 15.000 1.000 A) The labor force participation rate= 5.000 500 100,000
See the labor market graph below. If there is a sticky wage of $12, what is the unemployment rate? 20 16 12 A Labor Market 160 160 0% 8.57% 9.38% 10% 15% 16% 175 Although the graph does not present complete labels, standard labor market labels apply. Note: graph is not to scale. (millions)
8
If a contry has a noninstitutional population of 200 million and a labor force of 160 million and 140 million people were employed what is its labor force participation rate and unemployment rate?
See the labor market graph directly below. If there is a sticky wage of $20, what is the unemployment rate in this labor market? 20 on 16 16 12 A Labor Market 160 15.00% 8.57% 9.38% >0% 10.00% 16.00% Although the graph does not present complete labels, standard labor market labels apply. Note: graph is not to scale. 175 (millions)
1)Total Population 330.0 million Adult, noninstitutionalized, non military population 260.0 million Unemployment 8.5 million a) If the labor force participation rate is 65% what is the labor force? b) How many workers are employed? c) What is the unemployment rate?
How has microsoft contributed to the unemployment rate (has it laid off people within the last year(s))
Refer to the employment data for Delmar County. Category Number Adult population 141,592 Unemployed 3,050 Not in labor force 34,508 Employed 95,754 The unemployment rate is a) 3.1% b) 4.7% c) 3.9% d) 5.4%