Hawaiian Airlines hires 100 workers, plans to add 170 moreHawaiian Airlines will hire more workers as it expands its fleet. The new hirings are a welcome sign for Hawaii's economy, which lost jobs during the year to May 2009 as the state's unemployment rate rose from 4% to 7%.The labor force was 602,000 in May 2009 and 622,600 in May 2008.Source: USA Today, August 18Calculate the change in the number unemployed between May 2008 and May 2009.The number unemployed in May 2008 isThe number unemployed in May 2009 isThe change in the number unemployed between May 2008 and May 2009 isofEnter your answer in each of the answer boxes.MacBook AirDDF11F12000000F1080F8F9F6F7F5F4escF2F3F1&@#$!783451Y[QWEtabGHJK

The formula to compute the unemployment rate is: Unemployment rate=UnemploymentLabor…

Hawaijan Airlines hires 100 workers, plans to add 170 more Hawalian Airlines will hire more workers as it expands its fleet. The new hirings are a welcome sign for Hawaii's economy, which lost jobs during the year to May 2009 as the state's unemployment rate rose from 4% to 7%. Source: USA Today, August 1. The labor force was 602,000 in May 2009 and 622,600 in May 2008. Calculate the change in the number unemployed between May 2008 and May 2009. The number unemployed in May 2008 is The number unemployed in May 2009 is of The change in the number unemployed between May 2008 and May 2009 is

Hawaijan Airlines hires 100 workers, plans to add 170 more Hawalian Airlines will hire more workers as it expands its fleet. The new hirings are a welcome sign for Hawaii's economy, which lost jobs during the year to May 2009 as the state's unemployment rate rose from 4% to 7%. Source: USA Today, August 1. The labor force was 602,000 in May 2009 and 622,600 in May 2008. Calculate the change in the number unemployed between May 2008 and May 2009. The number unemployed in May 2008 is The number unemployed in May 2009 is of The change in the number unemployed between May 2008 and May 2009 is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The rate of job separations in the economy is 0.013 (1.3 percent) and rate of job finding is 0.25 (25 percent). a) If the economy has 500 workers in the labor force, calculate the unemployment rate and the number of unemployed in the steady state. b) If the rate of job separations is 1 percent, what happens to the unemployment rate and the number of unemployed in the steady state? c) If labor force suddenly increases by 20 workers who are seeking work (and the rate of job separations remains at 1 percent), what is the immediate change in the unemployment rate? What is the new steady-state unemployment rate? Draw a graph on how unemployment rate evolves in time.
Explain the difference between the natural rate of unemployment and the actual rate of unemployment as reported by the US Department of Labor.
Consider an economy with 520 people in the labor force. At the beginning of every month, 6 people lose their jobs and remain unemployed for exactly one month; one month later, they find new jobs and become employed. In addition, on January 1 of each year, 15 people lose their jobs and remain unemployed for six months before finding new jobs. Finally, on July 1 of each year, 15 people lose their jobs and remain unemployed for six months before finding new jobs. In a typical month, the unemployment rate in this economy is ☐ %. (Round your answer to one decimal place.)
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Suppose that there is a recession similar to the one in 2008. What would happen to the equilibrium wage if the unemployment rate increased to 10%? Show this first on the labor discipline graph (nominal wage), then on the wage-setting curve graph (real wage).
Consider the following statistics from a Labor Market and then answer the questions which follow; • 8,570 workers have been laid-off from employment and are waiting to be recalled. • 4,523 have lost morale and quit actively seeking employment. • 3,498 people are below 16years. • 53,862 people are currently in education and not searching for employment. • 9,454 workers have been retired from employment. • 57,367 workers are employed but 65% are still searching for better employment. • 378 people have switched between jobs. • 157 quit their jobs because of low salaries and are seeking better paying jobs. • 12,321 new graduates are actively seeking formal employment. • 1,563 are in jail. a) How many people are discouraged workers, unemployed and in the Labor Force? b) Calculate the unemployment rate? c) How many people are not in the Labor Force and how many people are part of the Adult Working Population?
The Bureau of Labor Statistics reported the following data for 2010:Labor force: 153.7 millionEmployment: 139.1 millionWorking-age population: 237.9 millionCalculate the:a) Unemployment rate.b) Labor force participation rate.c) Employment-to-population ratio.d) Why might the unemployment rate underestimate the underutilization of labor resources?
4. The following data is from the Bureau of Labor Statistics (BLS). (https://data.bls.gov/ timeseries/LNS14000000) Category Civilian noninstitutional population Civilian labor force Participation rate Employed Employment-population ratio Unemployed Not in labor force May 2022 263,679 164,376 62.3 158,426 60.1 5,950 99,302 a. Calculate the unemployment rate for May 2022. (show your work) Use the Bureau of Labor Statistics Website, to answer the next two questions (b and c). Looking at the last 10 years of data: b. What was the rate, month and year for the highest unemployment rate? c. What was the rate, month and year for the lowest unemployment rate?
Explain the concept of the unemployment rate and how the unemployment rate is calculated. Briefly explain why a high unemployment rate tends to be considered problematic.