Q6: The April 2022 BLS reported the following data: Employment: 164,046,000 Unemployment rate: 3.6% Labor participation rate: 62.2% Please answer the following questions: Total unemployed persons: ________ Total Labor Force: _____________ (Hint: use the definition formulas for Labor Force, Employment and Unemployment, unemployment and participation rates
Q: Question 2.7: What would happen to the labor force participation, employment, and unemployment rates…
A: Labor Force Participation Rate:The percentage of the working-age population—generally defined as…
Q: Here is a graph (this pertains to just the first 2 questions) for several economic series: the…
A: The AD-AS model studies the relationship between the price level and the real output of the economy.…
Q: This assignment requires you to apply the formula for calculating unemployment and practice your…
A: Unemployment refers to a situation in which individuals who are willing and able to work and…
Q: What is the size of the labor force? million What is the official unemployment rate? %
A: The ‘unemployment’ of an economy is the part of the population which is actively finding jobs and…
Q: Assume you have the following information about an economy: Labor Force of an Economy Number of…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Classify the following persons as employed, unemployed or Not in the labor force. a) During the…
A: A) Cameron Diaz is employed, because she nice missed the work show the wages will be deducted not…
Q: U.S. population is 328 million people 70 million individuals are legally classified as unable to…
A:
Q: Il-(2 POINTS)Discuss in depth two of the reasons why the true percentage of members of the Labor…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Complete the right half of the following equation to reflect the labor force participation rate…
A: Unemployment rate refers to the percentage of labor force that are unemployed. Labor force is the…
Q: You are given the following data on the unemployment rate and output. Year 1 2 0.08 0.06 930.0…
A: Unemployment describes the situation in which personals who are capable of working, actively looking…
Q: The labour force of an economy is divided into two groups: youths (15-24 years old) and older…
A: We are the given following information:Unemployment for old = 1%Unemployment for young = 10%Current…
Q: The following plot show the monthly unemployment rate and vacancy rate in the US from January 2020…
A: The Diamond-Mortensen-Pissarides (DMP) framework is an economic structure used for investigating…
Q: 1. Measuring employment, unemployment, and labor force participation Consider a small economy…
A: Labor force is a part of adult population which is either employed or unemployed.
Q: 1.1Explain how the unemployment rate is calculated in the United States. Show how the most recent…
A: The unemployment rate is calculated considering the total unemployed divided by the labor force…
Q: Question 1 – Below are some hypothetical statistics for a country in September 2020. Compute the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Suppose the economy has a population of 35 million people and a labor force participation rate of…
A: Given The population of the economy is 35 million Labor force participation rate (LFPR) =50% The…
Q: The data in the table below are for the economy of Merton, which has a natural rate of unemployment…
A: The GDP implies the value of all the commodities and services provided in the economy by the…
Q: How many missing jobs (a FRED question): Suppose the U.S.unemployment rate int the most recent month…
A: A person is usually considered to be unemployed if they are making an effort to obtain job but have…
Q: Calculating Real GDP, Price Indices, and Inflation. Using the data from the table below, answer the…
A: Real GDP is calculated by multiplying base year prices with current year quantities of goods 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: Unemployment and the Labor Force The table shows employment statistics for a fictional country. Use…
A: Employment is when people are employed in full-time or part-time roles, and are able to earn income…
Q: Use the following data for 2021 to answer one question: Prices That Rose Gasoline Beef Cigarettes…
A: The price level rises significantly in a country coupled with decreasing purchasing power of people…
Q: Complete the right half of the following equation to reflect the labor force participation rate…
A: The criteria for identifying who is employed and who is jobless are established by the Bureau of…
Q: LUCIA: Let me ask you a question to see if you can apply your knowledge. Consider an economy with 15…
A: Labor force includes all those who have been working presently and those who are searching for…
Q: · Measuring employment, unemployment, and labor force participation oneider a tiny hypothetical…
A: An employed person is a person who is 16+ years old and currently engaged in some formal employment…
Q: On Coral Island in 2019, the labor force is 12,000, the unemployment rate is 10 percent, and the…
A: Formula to be used: Labor force participation rates =Labor forceTotal working- Age population ×100…
Q: ientrate, and the labor force participation rate. Enter your answers in the table below. (Give all…
A: The labor force participation rate is an estimate of an economy's active workforce. The formula is…
Q: Calculate the missing values in the table below by using the provided data collected in the…
A: People who are working are considered employed and people who are willing and able and looking for a…
Q: Suppose an economy is given by the following: Population = 221 million Labor force = 117 million…
A: According to the question above, it is given that : Population = 221 million Labor force = 117…
Q: 1. Measuring employment, unemployment, and labor force participation Consider a small economy…
A: The labor force participation rate, in short, is the percentage of the working-age population that…
Q: Which of the following would cause the unemployment rate as measured by the Bureau of Labor…
A: An rate of unemployment reflects the percentage of people in the labor force without jobs but…
Q: In April approx. 22 million people filed for unemployment ins. In March, the labor force was…
A: Given: MPC = 0.5 GDP fall= $1,537,677,600,000 (This is the amount that needs to be increased in…
Q: Unemployment rate 5.0% Participation rate 62.5% Not in the labor force 60 million Find…
A: We can calculate the unemployment rate by dividing the number of unemployed people by the total…
Q: The table describes hypothetical employment statistics for a country in a given year. Full-time…
A: The labor force comprises of those who are employed as well as those who are unemployed and looking…
Q: Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as…
A: People who are actively looking for a job, and are able to work are considered unemployed.
Q: Problem 05-11 (algo) Skyler is downloading labor market data for the most recent month, but her…
A: The labor force is the total population that is actively working or is looking for a new job. It…
Q: In an economy, the working-age population iš 100 million Uf this total, 75 million workers are…
A: Working-age population=100 million Employed: People who are working in a paid job=75 million…
Q: Is it possible for the unemployment rate to go down while the number of unemployed workers…
A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…
Q: pose during a year working-age population increased by 1%, labor force participation decrea ber of…
A: Answer in Step 2
Q: What happened to the inflation rate between the year when the unemployment rate was 4.5% and the…
A: A Phillips curve illustrates the inverse relationship between inflation and unemployment. So, there…
Q: In an economy with an adult population of 120 million, total employment of 90 million, and…
A: A person is said to be a unemployed when he or she is unable to find job at market prevailing wage…
Q: 1. The table below reports the unemployment rate, labor force participation rate, and (working-age)…
A: The labor force participation rate is an estimate of an economy's active workforce. The formula is…
Q: Calculate the following, referring to the employment data for the hypothetical economy of Kipper in…
A: The active participants of the labor force not being associated with any jobs or works at present…
Q6: The April 2022 BLS reported the following data:
Employment: 164,046,000
Labor participation rate: 62.2%
Please answer the following questions:
- Total unemployed persons: ________
- Total Labor Force: _____________
(Hint: use the definition formulas for Labor Force, Employment and Unemployment, unemployment and participation rates
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Raphael, Susan, Alex, Becky, Eileen, and Clancy. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Status Raphael is a 49-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Susan is a 31-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Alex is a 37-year-old graphic designer who is taking 2 years off…Question 41 For questions 41-43, consider the data in the table below for a simple economy. The unemployment rate for this simple economy equals Total Population 100,000 Working-Age Population 60,000 Employed 30,000 Unemployed 10,000 O (30,000/40,000) x 100 Percent O (20,000/60,000) x 100 Percent O (20,000/70,000) x 100 Percent O (10,000/40,000) x 100 Percent You learn that of the 60,000 working-age individuals in this economy, 10,000 are discouraged workers that would take a job if offered one but are not actively searching for work. The unemployment rate considering the discouraged workers is O (30,000/60,000) x 100 Percent O (20,000/50,000) x 100 Percent O (20,000/40,000) x 100 Percent O (15,000/50,000) x 100 Percent Question 43 You learn that of the 30,000 employed individuals in this economy, 10,000 are involuntary part-time workers that would like to work 20 more hours per week. The unemployment rate considering the involuntary part time workers is O (15,000/45,000) x 100 Percent…Calculate the missing values in the table below by using the provided data collected in the household survey for February 2021. (Enter your responses as whole numbers.) Category Working-age population** Value Employed*" Unemployed** 150,239 Unemployment rate Labor force" 6.2% Labor force participation rate 61.4% ** Numbers in thousands "Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.
- < 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…Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate 6% Participation rate 62.5% Not in the labor force 63.5 million Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses rounded to one decimal place.Labor force: millionWorking-age population: millionNumber of employed workers: millionNumber of unemployed workers: milliona ) Marie recently graduated from college with a degree in electrical engineering, but she has not yet started working. When will she be counted as “unemployed” according to the BLS? b) Eric was laid off, but he is expecting to be recalled. He has not looked for work since being laid off. Natalie is not employed, nor was she laid off. Who is counted as “unemployed” in the U.S. labor force statistics? c) What are the four different types of unemployment? Explain each.
- Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: See attached for table. Question 1 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. (See next page for the formula and directions for this problem). To calculate the unemployment rate you have to use the formula: Unemployment rate = # of unemployed ÷ labor force × 100% The BLS is the Bureau of Labor Statistics, an agency within the Department of Labor. The unemployment rate is calculated by taking a random survey of 60,000 households nationwide. (Note: Households are in the survey for four months, out for eight, back in for four, and then out for good. Interviewers use the phone or home visits using laptops.) The population is divided into three groups: Group 1 consists of those under age 16 or institutionalized.…1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Status Antonio is a 47-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Caroline is a 28-year-old professional basketball player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Dmitri is a 77-year-old retired professor. He enjoys…1. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is given in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Antonio is a 46-year-old steelworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Caroline is a 29-year-old professional hockey player . She finished her last season as a player 3 weeks ago and is currently interviewing for a coaching position. Dmitri is a 78-year-old retired…
- The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of people discouraged workers 2 million Would the number of people employed part-time be included in labour force or not? Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?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)s Assume you have the following information about an economy: Labor Force of an Economy Sumber of People (nillions) 243.8 153.6 90.2 144.2 Population over age 16 Labor force Not in the labor force Employed Unemployed Instructions: Round your answers to two decimal places a. What is the unemployment rate in this economy? b. What is the labor force participation rate? c. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number of officially unemployed workers by 0.9 million. What is the unemployment rate now? d. What is the new labor force participation rate?
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)