Consider an economy that initially has a labor force of 1,000 workers. Of these workers, 950.0 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor The total number of hours worked per week is 38000 (Round your answer to the nearest whole number). The total output per week is 380000 (Round your answer to the nearest whole number). The unemployment rate is 5% (Round your answer to one decimal place). The economy enters a recession. Employment fails by 4%, and the number of hours per week worked by each employed worker falls by 2%. Employment is now 912 (round to the nearest whole number), and the total number of hours worked per week is now 35,750.4 (round your answer to one decimal place). In addition, 2.0% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force. The size of the labor force is now (Round your answer to the nearest whole number.) The number of workers unemployed is ☐ (Round your answer to the nearest whole number.) The unemployment rate is ☐ %. (Round your answer to two decimal places.)

Consider an economy that initially has a labor force of 1,000 workers. Of these workers, 950.0 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor The total number of hours worked per week is 38000 (Round your answer to the nearest whole number). The total output per week is 380000 (Round your answer to the nearest whole number). The unemployment rate is 5% (Round your answer to one decimal place). The economy enters a recession. Employment fails by 4%, and the number of hours per week worked by each employed worker falls by 2%. Employment is now 912 (round to the nearest whole number), and the total number of hours worked per week is now 35,750.4 (round your answer to one decimal place). In addition, 2.0% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force. The size of the labor force is now (Round your answer to the nearest whole number.) The number of workers unemployed is ☐ (Round your answer to the nearest whole number.) The unemployment rate is ☐ %. (Round your answer to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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