If the unemployment rate is 8 percent, then this means: the number of unemployed persons equals 8 percent of the employed persons. 8 percent of the population age over sixteen is unemployed. O 8 percent of the population is unemployed. O 8 percent of the labor force is unemployed.

If the unemployment rate is 8 percent, then this means: the number of unemployed persons equals 8 percent of the employed persons. 8 percent of the population age over sixteen is unemployed. O 8 percent of the population is unemployed. O 8 percent of the labor force is unemployed.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 1PA

See similar textbooks

Related questions

Q: Table 22.3 Employed Unemployed Not in the Labor Force 95,000 people 5,000 people 80,000 people Refer…

A: Formula: Unemployment rate = unemployed people / labor force *100

Q: Suppose the total population of an economy is 150 million, the labor force is 100 million, and the…

A: Answer to the question is as follows :

Q: All else equal, if an employed worker retires from their job: O The unemployment rate rises and the…

A: When an employed worker retires, they leave the labor force. This means that the labor force…

Q: There are 20 million people in the "relevant population" on the planet of Mandalore. 15 million of…

A: The labor force is the sum of unemployed and employed. The unemployment rate is the percentage of…

Q: The reference base period for the CPI is 1982-1984. In January 2018, the CPI was 247.9. What does…

A: CPI is measured using fixed basket of goods.

Q: If the number of unemployed equals 10,000, the number of employed equals 70,000, and the number not…

A: The labor force participation rate is measure of an economy’s active workforce.

Q: Consider the following data: Labor force participation rate Total population 16 years of age and…

A: The labour force participation rate is calculated by expressing the number of persons in the labour…

Q: Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?…

A: Unemployment: - unemployment is that portion of the labor force that is able to do work and looking…

Q: er of unemployed workers is 20 million, the number in the adult population is 500 million, and the…

A: Unemployment Rate = 8% and this means 8% is equal to 20 million where workforce is 100% which is…

Q: Country A has a total population of 2.5m and 1.8m are 15+ year-olds. The unemployed population is…

A: The labor force participation rate is the percentage of the civilian noninstitutionalized population…

Q: 19 and in 2020, consumers in Dexter purchased only books and pens. 2019 2020 prices and quantities…

A: The inflation rate is the percentage increase or decrease in prices during a specified period.

Q: Nicey was temporarily laid off from his job due to slow sales. The Bureau of Labor Statistics counts…

A: According to The Bureau of Labor Statistics, people who do not have a job, have actively looking for…

Q: Assume that an economy has the following population data: Total adults over age of 16 year: 243…

A: Number of people unemployed = Total Population in Labor Force - Total Employed Population = 155…

Q: Consider an economy with 500 people in the labor force. At the beginning of every month, 5 people…

A: The short spell of unemployment is for 2 to 14 weeks, intermediate spell is for 15 to 26 weeks, and…

Q: The following table contains information for the U.S. for 1998. U.S. Economy: 1998 Thousands of…

Q: Consider a simple economy that only produces: pencils, t-shirts, and bananas. Using the information…

A: Inflation: Inflation is an economic concept that is defined as a rise in the general price level of…

Q: Assume a country has a total population of 58 million, of which 70 per cent are part of the…

A: Labour force participation rate refers to the percentage of working age population that is either…

Q: Refer to the above table. The unemployment rate in 2012 was: O 11% O 2% O 15% O 8%

A: Unemployment is the state of not having a job but actively seeking employment. It is defined as…

Q: Total Population 185 Full time Workers 90 Discouraged Workers 14 Part Time Workers 20 Refer to the…

A: Labor force= employed+unemployed

Q: Total Population Civilian Population Employed Unemployed 300,000 250,000 127,500 22,500 The above…

A: Given; Total population= 300000 Civilian population= 250000 Employed= 1275000 Unemployed= 22500…

Q: estion 8 Table 20-15 Nominal Average Hourly Earnings $10 Year CPI 2014 1.00 2015 10 1.05 2016 12…

A: According to the given table, needed information is: Nominal wage in 2014: $10 Nominal wages in…

Q: 4. A country has a total adult population of 10 million, and of these 210 thousand are currently out…

A: "Unemployment rate is obtained by multiplying the ratio of unemployed population to labor force by…

Q: Suppose the Australian government introduces a new generous unemployment benefit policy. Under this…

A: Structural unemployment:- Structural unemployment can explained as a type of unemployment induced by…

Q: What is the unemployment rate in Country A? 13.33% 11.76% 11.11% 8%

A: Unemployment rate is defined as the proportion of the people in the working age who are actively…

Q: If the nominal wage is higher than real wage, it should be that O Prices are increasing and then…

A: Nominal wages are wages expressed in a monetary form while real wages are adjusted for inflation.

Q: The following table shows the annual average data on the employment status of the U.S. civilian…

A: Introduction: Unemployment refers to the situation when the number of job seekers is more than…

Q: Suppose the existing labor force inside the country is 1,000,000 persons, of whom 900,000 are…

A: Unemployment rate is calculated as the total no. of people unemployed divided by the total labor…

Q: Suppose the existing labor force inside the country is 1,000,000 persons, of whom 900,000 are…

A: Unemployment rate refers to the rate of the total labor force that is Unemployed. It determines how…

Q: Suppose the unemployment rate increases. If at the same time we observe the labor fe participation…

A: Unemployment refers to the state of a person at which the individual is actively looking for the job…

Q: The number of the employed in a country is 55 million; the number of the unemployed is 5 million and…

A: The labor force participation rate is an estimate of an economy's active workforce. here we…

Question

If the unemployment rate is 8 percent, then this means:
the number of unemployed persons equals 8 percent of the employed persons.
8 percent of the population age over sixteen is unemployed.
O 8 percent of the population is unemployed.
O 8 percent of the labor force is unemployed.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1.

VIEW

Step 2.

VIEW

Trending now

This is a popular solution!

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

What happens to the labor force participation rate when employed individuals are reclassified as unemployed? What happens when they are reclassified as discouraged workers?
Please see below.
Country A has a total population of 2.5m and 1.8m are 15+ year-olds. The unemployed population is 0.2m and the employed population is 1.5m. What is the unemployment rate in Country A? 13.33% 11.76% O 11.11% 8%
Typed plz
Consider an economy with 500 people in the labor force. At the beginning of every month, 5 people losetheir jobs and remain unemployed for exactly one month; one month later, they find new jobs andbecome employed. In addition, on January 1 of each year, 20 people lose their jobs and remainunemployed for six months before finding new jobs. Finally, on July 1 of each year, 20 people lose theirjobs and remain unemployed for 6 months before finding new jobs.1. What is the unemployment rate in this economy in a typical month?2. What fraction of unemployment spells lasts for one month? What fraction lasts for six months?3. What is the average duration of completed spell of unemployment?4. On a particular date, what fraction of the unemployed are suffering a long spell (six months) ofunemployment? plz solve part 4 ? Thanks.
q19
Consider the following data: Labor force participation rate Total population 16 years of age and older 200 million Unemployment rate 60% 5% the total number of people employed is: O 190 million. O 114 million. O 120 million. O 57 million.
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 95,000 people 5,000 реоple 80,000 people Refer to Table 22.3. The unemployment rate is Lütfen birini seçin: O A. 6.25% ОВ 2.8%. OC 5.3%. OD 7.2% OE 5%.
Suppose the total population of an economy is 150 million, the labor force is 100 million, and the number of unemployed workers is 94 million. The unemployment rate is O 6 percent 80 percent 94 percent 10 percent 15 percent
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%
The number of the employed in a country is 55 million; the number of the unemployed is 5 million and those not in the labor force is 40 million. The labor force participation rate in this country is 40% O 50% O 20% O 60% A consumer price index of 100 in 2020 with a base year of 2019 would mean that the cost of the market basket fell (in terms of its opportunity cost) from the cost of the market basket in 2019 O fell 100% from the cost of the market basket in 2019 O rose 100% from the cost of the market basket in 2019 O rose 0% from the cost of the market basket in 2019
Suppose the unemployment rate increases. If at the same time we observe the labor force participation rate decreasing, we can conclude that The labor force participation rate is falling for a bad reason O The unemployment rate is increasing for a bad reason O The unemployment rate is increasing for a good reason O The labor force participation rate is falling for a good reason