uestion 5Refer to the information provided in Table 22.1 below to answer the question(s) that follow.Table 22.1EmployedUnemployed14,000 people3,000 people4,000 peopleNot in the Labor ForceRefer to Table 22.1. The labor-force participation rate is66.7%.75.0%.77.8%.80.9%.

Labor force: It refers to the people who are working in the economy and the people who are searching…

Answered: Table 22.1 Employed Unemployed Not in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Real wages, nominal wages, and unexpected changes in the price level Kate currently earns a wage of $12.00 per hour; in other words, the amount of her paycheck each week is $12.00 per hour times the number of hours she works. Suppose the price of orange juice is $2.40 per gallon; in this case, Kate's wage, in terms of the amount of orange juice she can buy with her paycheck, i gallons of orange juice per hour. When workers and firms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on wage with those expectations in mind. If the price level turns out to be lower than expected, a worker's than both the worker and employer expected when they agreed to the wage. wage is Kate and her employer both expected inflation to be 4% between 2012 and 2013, so they agreed, in a two-year contract, that she would earn $12.00 per hour in 2012 and $12.48 per hour in 2013. However, suppose inflation between 2012 and 2013 actually…
The following table contains information for the U.S. for 1998. Thousands of U.S. Economy: 1998 Persons Civilian labor force 137,565 Civilian employment Civilian working-age population 131,293 205.015 Compute the unemployment rate and the labor force participation rate. O A. Unemployment rate = 9.54 percent; Labor force participation rate = 67.1 percent. O B. Unemployment rate = 4.56 percent; Labor force participation rate = 95.44 percent. O C. Unemployment rate = 3.06 percent; Labor force participation rate = 48.8 percent. O D. Unemployment rate = 4.56 percent; Labor force participation rate = 67.1 percent.
Suppose that next year 150,000 existing jobs in the economy are eliminated through layoffs and plant closures, and 200,000 new jobs are created through expansions and the creation of new firms. The amount of unemployed individuals will rise over that year if O A. more than 50,000 people join the labour force. B. less than 50,000 people drop out of the labour force. OC. less than 50,000 people join the labour force. D. more than 50,000 people drop out of the labour force. O O O O
Which of the following statements about labor force participation and education are correct: O a. Women with less than a high school diploma are most likely to be in the labor force O b. Women with advanced degrees (masters, PhD, professional degrees) are more likely to be in the labor force than women with just high school degrees O c. Men with high school degrees are more likely to be in the labor force than men with doctoral degrees O d. Women with masters degrees are more likely to be in the labor force than men with masters degrees.
(a) Explain the difference between the nominal wage and the real wage. Using a wage setting curve and aprice setting curve illustrate how the real wage determines the equilibrium level of employment in theeconomy. (b) On a new diagram use a wage setting curve and a price setting curve to illustrate the change to theequilibrium level of employment if there is a reduction in the degree of competition faced by firms. Clearlystate what will occur to the real wage and the level of unemployment. (c) Suppose the economy has low aggregate demand with high unemployment. Use a new wage setting curveand price setting curve diagram to explain how the economy could automatically adjust back to equilibrium.Would this occur in reality? Justify your answer.
Number of people Component (millions) Total population 246 Working-age population 207 Not in the labor force A Employed 133 6 Unemployed The labor force participation rate is 1) 67.1 percent. O2) 64.0 percent. O 3) 95.7 percent. 4) 56 percent. O
Assume a country has a total population of 58 million, of which 70 per cent are part of the working-age population. 23.7 million working-age people are not looking for a job, and 13.6 million are employed. What are the labour force participation rate (LFPR) and the unemployment rate (u)? O a. LFPR = 59.4%; u = 19.5% Ob. LFPR 41.6%:u-19.5% OC.LFPR = 41.6%; u = 32.8% O d. LFPR = 59.4%; u = 32.8%
Table 6.2 Year CPI 1 150 154 152 4 156 160 Refer to Table 6.2. If a worker earned $40,000 years ago when the CPI was 140, what is the minimum salary he must earn in year 2 to "more than keep up with inflation"? O $44,000.00 O $43,428.57 O $42,857.14 O $44,571.43 3.
Unemployed 17 Total Population 185 Full time Workers Discouraged Workers 14 Part Time Workers Refer to the above information. Figures are in millions. The unemployment rate in this economy is: O 12.1 percent O 13.7 percent O 15.5 percent O 12.5 percent O 13.4 percent 90 20
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Table 22.1 Employed Unemployed Not in the Labor Force 14,000 people 3,000 people 4,000 people Refer to Table 22.1. The labor-force participation rate is O 66.7%. O 75.0%. O 77.8%. 80.9%.