The following question has 5 parts (a.-e.), parts b. to e. will be revealed after submitting your answer by hitting "Verify" on the preceding sections. Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 70 workers become unemployed for 1 month, 31 become unemployed for 2 months, 16 become unemployed for 3 months and 9 become unemployed for 13 months. a. When will the economy reach its steady state? Month: Click for List Year: Click for List

The following question has 5 parts (a.-e.), parts b. to e. will be revealed after submitting your answer by hitting "Verify" on the preceding sections. Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 70 workers become unemployed for 1 month, 31 become unemployed for 2 months, 16 become unemployed for 3 months and 9 become unemployed for 13 months. a. When will the economy reach its steady state? Month: Click for List Year: Click for List

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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During the course of a year, the labor force consists of the same 886 people. Of these, 23 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 35 different people become unemployed, and 35 other different people who were unemployed find jobs. There is no cyclical unemployment. a. Calculate the frictional unemployment rate. %. (Enter your response as a percentage rounded to two decimal places). Enter your answer in the answer box and then click Check Answer. parts remaining Clear All Check Answer
In a town of 800 people there are 120 children under the age of 16, 76 retired people, 92 people with part -time jobs, 37 full-time students, and 21 people who watched their children fulltime. There were 154 people without work who gave up looking for a job. Everyone else either had a full-time job or was actively searching for one, and the labor force participation rate is 57.6 %. If fthe unemployment rate is 12.5%, what is the number of full-time employed people?
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In the country of Economica, the total labor force consists of 5,000 workers. 250 of these workers are unemployed, and thus the current unemployment rate is 5.0%. This year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will voluntarily leave their jobs, and 250 new workers will enter the labor force. At the same time, 363 workers will find jobs, and 150 workers will retire or leave the labor force for other reasons. Thus, at the end of the year, the labor force will consist of workers, and the unemployment rate will be%. (Round your responses to one decimal place.)