(Table: Employment Data) If marginally attached workers are included in the labor force, the number of persons in the labor force is million. Table: Employment Data Full-time employed 20 million Not working but looking for work 2 million Part-time employed 10 million Discouraged workers 1 million 33 O 11 32 4

(Table: Employment Data) If marginally attached workers are included in the labor force, the number of persons in the labor force is million. Table: Employment Data Full-time employed 20 million Not working but looking for work 2 million Part-time employed 10 million Discouraged workers 1 million 33 O 11 32 4

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 graph shows, in percentages, how much of the paid labor force in the United States consisted of men and how much consisted of women in both 1950 and 2017. Composition of Employment by Gender (%) 100 Men Men Women Women 20 1950 2017
5. Labor Market Suppose there is a town with 2,500,000 people. 850,000 of these people work full- time while 700,000 work part-time. 275,000 of these part-time workers want to work more hours, but are not permitted to do so by their respective employers. Another 350,000 individuals in this town are under the age of 16. 600,000 other individuals are currently not working. 425,000 of these individuals are actively seeking work, while 175,000 individuals have given up looking for a job. Of the 425,000 who are actively seeking work, 175,000 lost their jobs and still have not gotten them back due to the effects on business losing demand due to COVID-19. 100,000 of the 425,000 lost their jobs due to technological advancements, and the remaining 150,000 are not working due to normal turnover in the labor force. Complete parts a, b, and c. a. Solve for the number of individuals in the labor force in this community. Solve for the current unemployment rate in this community. b. c. Solve for the…
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
5. Using carefully labelled diagrams, indicate the expected impact on the labour force participation of married women by changes in each of the following factors, other things held constant: a. An increase in the education of women b. A more equal sharing of household responsibili- ties between husband and wife c. A reduction in the average number of children d. An increased tendency to have children spaced more closely together e. An increase in the earnings of husbands f. Daycare paid out of general tax revenues g. Allowing daycare expenses to be tax deductible h. Paying homemakers a fixed sum out of general tax revenues for household work
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(International labor movements) Consider two countries, Home and Foreign. Both countries use two factors of production, capital and labor, to produce only one good. The capital supply in each country and the technology of production are exactly the same. The marginal product of labor in each country depends upon employment as follows: MPL = 40- L Initially there are 20 workers employed at Home and 10 at Foreign. a. Compute algebraically the wage rate in both countries if labor is not allowed to move between countries. Show it in a graph. b. Compute algebraically the equilibrium wage rate and employment in both countries if labor is allowed to migrate from one country to the other. Explain the migration pattern. Show it in a graph.
Question 3 The figure below illustrates Maria's employment rent on her current job. Maria earns $12 an hour and works 35 hours a week at a job that provides her with a disutility of work equal to $2 an hour. If she were fired, Maria would receive an unemployment benefit of $6 an hour, and it would take her 44 weeks to find a job identical to the one she currently has. Hourly wages ($) O $9,240 O $4 Unemployment benefit = $6 Hourly wage = $12 O $6,160 Unemployment benefit plus the disutility of effort = $8 What is Maria's total employment rent? O $18,480 0 = what Maria gets should she not lose her job today = what Maria gets should she lose her job today Maria's rent when employed Disutility of effort when employed What Maria receives in unemployment benefit during her period of unemployment Number of 35-hour weeks Employment rent per hour Reservation wage per hour Expected duration of unemployment = 44 weeks (1,540 hours)
If there are 3 million discouraged workers, 2.4 million marginally attached workers, the labor force is currently 102.5 million, and the unemployment rate is 5.2%, how many people are unemployed in this country? O 5.2 million O 5.33 million O 8.33 million O 10.73 million
Country A has a total population of 2.5m and 1.8m are 15+ year-olds. The unemployed population is 0.2m and the employed population is 1.5m. What is the unemployment rate in Country A? 13.33% 11.76% O 11.11% 8%
Refer to Table 12. The total number of people employed is (CLOS # 2) Table 12. Category Number Labor force participation75% rate Unemployment rate 10% Total population years of age and older) (16100,000 Select one: O a. 60,000. O b. 80,000. O c. 90,000. O d. 67,500.
The output produced in bushels and the prices of this output ($/bushel) over the last three years for Seth Johnson, a farmer in Amarillo, Texas, are as follows: Year Output (bushels) Price ($/bushel) 2010 70,000 $3.20 2011 75,000 $2.90 2012 80,000 $3.50 Let the base year be 2011. What is the price index for 2012? Select one: O a. 1.094 O b. 0.829 O c. 1.207 O d. 0.914 e