MACROECONOMICS+ACHIEVE 1-TERM AC (LL)
10th Edition
ISBN: 9781319467203
Author: Mankiw
Publisher: MAC HIGHER
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Chapter 1, Problem 2QQ
To determine
Identify which fraction is an
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A country has a population of 160 million. Out of this population, the number of retired people is 23 million, the number of people below working age (under 16 years) is 39 million, and the number of people under different types of institutional care is 1.5 million. In this country, the number of the employed amount to 75 million people and the unemployed amount to 4 million people. Calculate the following and show your work
Working-age population
Unemployment rate
The economic activity rate
Employment rate
An economy has 100 peõple
divided among the following groups: 25 have
full-time jobs, 20 have one part-time job, 5 have
two part-time jobs, 10 would like to work and
are looking for jobs, 10 would like to work but
are so discouraged they have given up looking,
10 are running their own businesses, 10 are
retired, and 10 are small children.
a. Calculate the labor force and the labor-force
participation rate.
What is the term for the percentage of the total labor force that is unemployed but actively seeking employment and willing to work?
A. Labor force participation rate
B. Employment rate
C. Unemployment rate
D. Underemployment rate.
Chapter 1 Solutions
MACROECONOMICS+ACHIEVE 1-TERM AC (LL)
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- The unemployment rate is the percentage of the total work force that is not working but isarrow_forwardSelect one or more: a. The unemployment rate is (unemployed/labour force) x 100. b. The participation rate is the (employed/labour force) x 100. c. Someone is counted as unemployed if they do not have a job. d. The unemployment rate is (unemployed/population of working age) x 100.arrow_forward1. Labor Force A. When the labor force is seeking employment but cannot find it 2. Inflation B. The total number of people who are working or unemployed C. C+I+ G+ (X-M) 3. Unemployment Rate 4. Labor Turnover D. The number of unemployed persons as a percentage of the labor force E. Employment, Growth, Goods, Trade, Price Stability, Competition, Business Cycles F. The movement of employees whether in or out of a business at any given time. 5. Gross Domestic Product (GDP) 6. 4 Components of GDP G. The measure of economic growth from on period to the next 7. Unemployment 8. Macroeconomics H. The rising price of due to a decrease in the value of money 1. Jobs are available, but applicants do not meet the required skill set for the job. 9. Discouraged workers 10. Structural Unemployment J. People who gave up seeking employmentarrow_forward
- The table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Employed Unemployed Not in the labor force What is the total labor force? What is the labor force participation rate? What is the unemployment rate? Number of people 4505 452 591 Suppose 286 of the 452 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? What is the new labor force participation rate? What is the new unemployment rate? % % % %arrow_forwardThe following data pertains to Googa, an economy. Population:258 million. Population 16 years and under or institutionalized: 116 million. Population employed: 89 million. Population unemployed: 3 million. Population employed part time, but willing to work full time 16 million. Population currently not employed, not seeking employment, but willing and able to work 5 million. a. what is the labor force in Googa? b. what is the unemployment rate in Googa?arrow_forwardQuestion Help The table gives information about a nation's labor force. Labor Market Data What is the number unemployed? Labor force 143.7 milion Not in labor force 714 million The number unemployed is million. Employed 136.9 million >>> Answer to 1 decimal place.arrow_forward
- Suppose that the county of Bigu has a population of 127 million, of which 83 million are in the working-age population. OF those, 25 million are not in the labor force and 52 million are employed. A. Calculate the working-age population as a percentage of the population B. Calculate the labor force participation rate C. Calculate the unemployment rate.arrow_forwardtime students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one Three of these people had not looked actively for work for three months, however A Calculate the adult or working-age population B. Calculate the labour force C Calculate the participation rate D. Calculate the number of employed workers E Calculate the number of unemployed workers F. Calculate me unemployment ratearrow_forwardNonearrow_forward
- Nonearrow_forwardIn June 2009 the BLS announced that of all adults 140,196,000 were employed 14,729,000 or unemployed and 80,729,000 or not in the workforce a. calculate the size of the adult population b. calculate the size of the labor force C. calculate the labor force participation rate d. calculator the unemployment ratearrow_forwardThe Current Population Survey reports the data for last month: 73 million people had full-time jobs. 10 million people had part-time jobs. 5 million people had no work but were available and had looked for work in the past four weeks. 36 million people of working age did not have jobs and did not want jobs. Calculate last month's labor force and working-age population. 3 tries left Last month, the labor force was was million. A. 98; 134 OB. 93; 124 OC. 88; 134 D. 88; 124 million and the working-age populationarrow_forward
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