Question 20 The table below shows the hypothetical values of the adult population, number of unemployed, and number of employed during September. [Click on the table to open a PDF viewable version in another tab.] Adult Population Number of Unemployed Number of Employed September 40 10 10 Suppose in October that the labor market will change from September in only two ways: 1. One of the unemployed in September still does not have a job in October but stops looking for work in October. 2. One of the employed in September enters retirement during October. The pie charts in the answer choices below give the percentages of the number of unemployed (U) and the number of employed (E), which are the two components of the labor force. Given only the above two changes and using BLS criteria, determine which of the answer choices gives the labor force composition for October. O More information is needed; specifically, the unemployment rate for October must be given.

Question 20 The table below shows the hypothetical values of the adult population, number of unemployed, and number of employed during September. [Click on the table to open a PDF viewable version in another tab.] Adult Population Number of Unemployed Number of Employed September 40 10 10 Suppose in October that the labor market will change from September in only two ways: 1. One of the unemployed in September still does not have a job in October but stops looking for work in October. 2. One of the employed in September enters retirement during October. The pie charts in the answer choices below give the percentages of the number of unemployed (U) and the number of employed (E), which are the two components of the labor force. Given only the above two changes and using BLS criteria, determine which of the answer choices gives the labor force composition for October. O More information is needed; specifically, the unemployment rate for October must be given.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose the residents of country P consume only peaches and pecans. The table below shows the prices and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Assume 2000 is the base year. Peaches Pecans Year Price Quantity Price Quantity 2000 $11 10 $6 10 2001 $9 20 $10 10 What is the consumer price index for 2001? a. 120 b. 240 c. 200 d. 100
16. Assess whether the following would be counted as "unemployed" in the Current Employment Statistics survey. A. A husband willingly stays home with children while his wife works. B. A manufacturing worker whose factory just closed down. C. A college student doing an unpaid summer internship. D. A retiree. E. Someone who has been out of work for two years but keeps looking for a job. F. Someone who has been out of work for two months but isn't looking for a job. G. Someone who hates her present job and is actively looking for another one. H. Someone who decides to take a part time job because she could not find a full time position.
Use the information in the following table to solve for the unemployment rate. Population 16 and older 1,000,000 Participation rate 80% Employed workers 720,000 Please enter your answers as numerical responses and do not write out your answers with words. (ie. 40,000 not "Forty Thousand" or 8% not "Eight percent"). How many workers are in the "Labor Force?" How many workers are "Unemployed?" What is the "Unemployment Rate?"
The Unemployment Rate Go to the Bureau of Labor Statistics website (www.bls.gov). Click on "Unemploy- ment Rate." This will retrieve the latest Bureau of Labor Statistics news release regarding the labor force in the United States. Use this news release to answer the following questions: What is the unemploy- ment rate for the last two months? How many people were unemployed in each of the last two months? Did the unemployment rate change between the two months because of a change in the size of the labor force or a change in the number of unemployed people? Explain your answers.
The country of Bada has collected the following information: Population (working age). 240,000 Employed 180,000 Unemployed 30,000 Calculate: Labor Force = Unemployment rate = Labor-force participation rate = Classify each of the following individuals in one of the following categories: employed, unemployed, or not in the labor force. - Last week, Elizabeth worked 10 hours as a computer programmer for the National Video Company and attended night classes at the local college. She would prefer a full-time job.
Unemploymen) in millions Total Noninstitutionalized, civilian working-age 285 population People incapable of working 45 People not looking for work 50 Employed workers 178 Use the information in the table above to calculate a. The unemployment rate. (show your calculations and explain) b. The labor-force participation rate (show your calculations and explain)
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.)
Household Employment Data (Numbers in billions) Working age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Source: https://www.bls.gov/news.release/empsit.t01.htm Let’s calculate labor force participation and the unemployment rate for October 2019. X 100 Labor Force Participation Rate = People in the Labor Force Total Working Age Population X 100 = 164.4 259.8 = 0.6327 X 100 = 63.3% X 100 Unemployment Rate = Unemployed People X 100 Total Labor Force = 5.8 164.4 = 0.0353 X…
The country of Bada has collected the following information: Population (working age). 240,000 Employed 180,000 Unemployed 30,000 Calculate: Labor Force = Unemployment rate = Labor-force participation rate = Classify each of the following individuals in one of the following categories: employed, unemployed, or not in the labor force. Roger lost his job at the R-gone Manufacturing Company. Since then he has been trying to find a job at other local factories.
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…
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?
Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per pencil) 2016 2 2017 4 2018 2 Year 2016 2017 2018 Pencils Use the information from the preceding table to fill in the following table. From 2017 to 2018, nominal GDP Quantity (Number of pencils) 125 135 125 The inflation rate in 2018 was Nominal GDP Real GDP (Dollars) (Base year 2016, dollars) GDP Deflator Price (Dollars per envelope) 3 3 3 and real GDP Envelopes Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of envelopes) 155 O Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 210 165