Mary has been out of the paid workforce in order to raise her children. Now she decides to do paid work and is looking for a job. This means that the number of unemployed [Select (1)] and the labour force [Select (2)] . (1) a- increases b- decreases c- is unchanged d- there is not enough information to say (2) a- increases b- decreases c- is unchanged

Mary has been out of the paid workforce in order to raise her children. Now she decides to do paid work and is looking for a job. This means that the number of unemployed [Select (1)] and the labour force [Select (2)] . (1) a- increases b- decreases c- is unchanged d- there is not enough information to say (2) a- increases b- decreases c- is unchanged

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter10: Aggregate Demand And Supply

Section10.A: The Self Correcting Aggregate Demand And Supply Model

Problem 2SQ

See similar textbooks

Related questions

Q: Full employment exists when, on average, nearly two out of three adults in the labor force are…

A: Full employment implies that the labor force is efficiently used and the unemployment is usual after…

Q: If the unemployment rate is 6.2% and the number of people employed is 400,000, total number of…

A: Given that, the unemployment rate is 6.2% number of people employed is 400,000 we have to find the…

Q: Consider an economy in which the marginal product of labour is given by MPN = A(150 − N), where N is…

A: Labour market: labour market is a market where the firms and households interact. The firms demand…

Q: U.S. population is 328 million people 70 million individuals are legally classified as unable to…

Q: If the number of people classified as unemployed is 5,000 and the number of people classified as…

A: When someone actively seeks employment but is unsuccessful, they are said to be unemployed. The…

Q: Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, and the…

A: The answer is d) 20 million people.Here's why: The unemployment rate represents the percentage of…

Q: Use supply and demand graphs to illustrate the increase and subsequent decrease of lumber prices…

A: Suppose the market for lumber is in equilibrium as shown below, the equilibrium is maintained at…

Q: The three people described in the following table are categorized as unemployed by the Bureau of…

A: When there is a mismatch between the skills that the jobless people possesses and the jobs that are…

Q: High employment is: The goal of maintaining a low national unemployment rate of near 0% unemployment…

A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…

Q: Q11 MCQ Reginald looked for work for six months but could not find a job to his liking. He now…

A: These Options are wrong because, Underground economy, likewise called shadow economy, exchange of…

Q: The natural rate of unemployment O increases during recessions and depressions. equals the…

A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find…

Q: The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work.…

A: Unemployment has the potential to stunt the development and expansion of the economy by lowering…

Q: When Full employment GDP is less than equilibrium GDP, the economy faces A) Recession B) Inflation…

A: Full employment refers to the economic situation where all the labor resources in the economy are…

Q: Suppose the real GDP of an economy is $400 billion dollars and its unemployment rate is 6%. If the…

A: The summation of countries' goods and services in final mode is called its gross domestic product.…

Q: Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian,…

A: Unemployment rate: - it is the percentage of people out of the total labor force who are able and…

Q: 2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If…

A: A discouraged worker or labor is a person who can work and eligible for employment but is unemployed…

Q: How does an overheated economy affect wages? They rise much more steeply than usual. They decline at…

A: Overheating of an economy usually takes place when the demand exceeds the supply. This leads to…

Q: Which of the following statements is true? The consumer price index (CPI) measures changes in the…

A: Inflation is the general increase in prices(P) of services and items over time. The purchasing power…

Q: In 2019 they were 10,000 people employed 1000 people unemployed and 1500 people not in the labor…

A: total employed in 2020 = employed in 2019 + who are looking or hired in 2020 - quit their job and…

Q: Calculate the nominal rental price of capital Md=(.67Y-0.5r)P Ms=100 P= 0.96 Y=150 r= -6…

A: The real rental price is determined when the demand for capital is equal to the supply of capital.…

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: f the current unemployment rate is 8% and the natural rate of unemployment is 6%, what do we know…

A: The natural rate of unemployment is the lowest level of unemployment that an economy can sustain…

Q: act as automatic stabilisers

A: Unemployment means people who come under a specific age and are willing to do work they are not…

Q: real value will increase only when prices increase. Select one: True False If the real value for…

A: The nominal values do not reflect true change in the quantities or real GDP. it is the real GDP…

Q: When real GDP is greater than potential GDP, there is ________ which leads the inflation rate to…

A: Inflation can be defined as a rise in the overall price of all products and services in an economy…

Q: When full employment is present in the United States: approximately 95 percent of the labor force…

A: There are four basic unemployment types studied by macroeconomists and labor economists. They are:…

Q: assume that as the economy booms, the demand for business and consumer loans rises significantly…

A: As we can see, the annual increase in interest rates for business loans to consumers is 20%, while…

Q: If discouraged workers are included in the determination of the unemployment rate, what effect will…

A: Discouraged workers are those workers who are not actively seeking employment but would like to work…

Q: Which of the following are true of an economy operating with a negative GDP gap? Check all that…

A: Gross Domestic Product (GDP at MP): This is the gross market value of all the final commodities…

Q: Even an economy that is operating at peak efficiency will have a positive unemployment rate.…

A: Unemployment rate is the percentage of labor labor willing and able to work, are unable to find a…

Question

Mary has been out of the paid workforce in order to raise her children. Now she decides to do paid work and is looking for a job.

This means that the number of unemployed [Select (1)] and the labour force [Select (2)] .

(1)

a- increases

b- decreases

c- is unchanged

d- there is not enough information to say

(2)

a- increases

b- decreases

c- is unchanged

d- there is not enough information to say

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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: Introduction:

VIEW

Step 2: Explanation for the answer:

VIEW

Step 3: Part 2:

VIEW

Solution

VIEW

Step by step

Solved in 4 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

In an economy, the working-age population is 400 million. Of this total, 300 million workers are employed. 16 million workers are unemployed. 64 million workers are not available for work (homemakers, full-time students, etc.). 12 million workers are available for work but are discouraged and thus are not seeking work. 8 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is%. (Round your answer to one decimal place) www
In an economy, the working-age population is 100 million. Of this total, 75 million workers are employed. 4 million workers are unemployed. 16 million workers are not available for work (homemakers, full-time students, etc.). 3 million workers are available for work but are discouraged and thus are not seeking work. 2 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is%. (Round your answer to one decimal place.)
Which component of national expenditure will be affected when a company buys a new AC for its manager’s office? The GDP deflator is a price index that does not have a base period. Evaluate the reliability of estimating inflation from a price index that does not have a base period.
< 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 falls by 4%, and the number of hours per week worked by each employed worker fails 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…
If the number of people classified as unemployed is 20,000 and the number of people classified as employed is 230,000, what is the unemployment rate? a) 8.7% b) 9.5% c) 8% d) 11.5%
Consider the following data: Employment (E): 312, 545,372 Unemployment Rate (%u): 7.4% Participation rate: 80% How many people are unemployed (U) What is the size of the labor force (L) What is the size of the working-age population (POP)
Resume later Submil In an economy, the working-ago population is 200 million Of this total, 160 million workers are employed. 6 million workers are unemployed. 28 million workers are not available for work (homemakers, full-time students, etc.). 4 million workers are available for work but are discouraged and thus are not seeking work 2 million workers are available for work but are not currently seeking work due to transportation or childcare problems. The unemployment rate in this economy is %. (Round your answer to one decimal place.)
If the number of people classified as unemployed is 5,000 and the number of people classified as employed is 45,000, what is the unemployment rate? Group of answer choices 5% 9.5% 4.5% 10%
FILL IN THE BLANKS Unemployment occurs when a worker who is not currently employed is unable to find suitable paid employment. In every economy, however, there will always be people moving between jobs. This group is known as the unemployed. But, if finding another job takes so long so that the individual stops looking, then he/she is classified as a worker and is no longer counted in the unemployment statistics. An economy’s natural rate of unemployment is the sum of its frictional and employment. If the labor market become more efficient so that people looking for work find matching jobs quicker, then the natural rate of unemployment will . The increase in unemployment that occurs during recessions (or downturns) in the economy is known as the type of unemployment.
How would I calculate these? I feel like I would need the number of unemployed people rather than employed
In January 2022 the adult population in the fictional country Kellytopia was 140 million, total employment was 90 million, the labor force was 105 million, and there were 1.2 million discouraged workers. A) What was the unemployment rate? Show your work. B) What was the labor force participation rate? Show your work. C) Now, assume that a year later in January 2022, the adult population was 142.8 million, total employment was 90 million, the labor force was 104 million, and there were 2.2 million discouraged workers. Mark Kelly, the fictional President of the fictional country Kellytopia claims that, through his great and benevolent leadership, Kellytopia’s employment situation has improved since last year. Do you agree with his assertion? Why or why not? D) On a graph, show how the labor market with efficiency wages is impacted by the decline in the labor force participation rate described in part C.
no handwritten notes