Who among the given list of people can be categorized as “unemployed”?

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Answer 1

Question

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

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Labor Market Data Price $5 $10 $15 $20 $25 3,000,000 6,000,000 9,000,000 12,000,000 15,000,000 Qd 15,000,000 12,000,000 9,000,000 6,000,000 3,000,000 Price $30 $25 $20 $15 $10 $5 + +- x- 3 6 Do + + F 9 12 15 Quantity (In millions) Area of a triangle = 1/2* base *height Market Efficiency & Total Surplus Worth Publishers SCENARIO: The state government is considering raising the minimum wage from $15 per hour to $20 per hour over the next 3 years. As an economic advisor to the governor, you have been asked to provide a recommendation on whether the minimum wage should be increased based on economic theory. Consider the labor market data provided. Prepare a brief report that: 1. Explains whether the labor market is currently efficient at the equilibrium wage of $15 per hour. How would you know? At equilibrium, what (dollar amount) is the Total Surplus this market provides? Show your rationale with numbers. 2. Analyzes the impact on total surplus in the market if the minimum wage is raised…

Answer 2

Question

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Answer 6

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Answer 7

Chapter 11, Problem 1FT

To determine

Who among the given list of people can be categorized as “unemployed”?

Answer 8

Expert Solution & Answer

Answer to Problem 1FT

A person out of work and actively searching for work

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

A person can be categorized as unemployed only if he is out of work, but is willing, interested and able to work but cannot find a job. This also means that he is eagerly searching for a job. Such a person can be categorized as unemployed.

A person in prison cannot be categorized as unemployed as he would not be able to work, though he may be interested and willing.

A person who wants to work but stopped searching six months ago would not be categorized as an unemployed person but a “discouraged worker”, as he has stopped searching for a job.

A person who works part time, but who wants full-time work would not be categorized as “unemployed” but as “under-employed”.

Answer 12

Economics Concept Introduction

Concept introduction:

Unemployment: Unemployment refers to a situation where the workers are ready to offer their labor at the existing market wage rate and are actively searching for a job but fail to find a job. It is a situation where the market fails to absorb the whole labor force.

Discouraged workers: Discouraged workers are workers who have given up looking for work but who would still like a job.

Answer 13

Ch. 11 - Prob. 1FT Ch. 11 - Prob. 2FT Ch. 11 - Prob. 3FT Ch. 11 - Prob. 4FT Ch. 11 - Prob. 5FT Ch. 11 - Prob. 6FT Ch. 11 - Prob. 7FT Ch. 11 - Prob. 8FT Ch. 11 - Prob. 9FT Ch. 11 - Prob. 10FT

Who among the given list of people can be categorized as “unemployed”?

Who among the given list of people can be categorized as “unemployed”?

Answer to Problem 1FT

Explanation of Solution

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Chapter 11 Solutions