Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 20, Problem 1PA
Sub part (a):
To determine
Calculation of adult population.
Sub part (b):
To determine
Calculation of labor force.
Sub part (c):
To determine
Calculation of labor force participation rate.
Sub part (d):
To determine
Calculation of
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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
Counting the unemployed? We could measure the extent of unemployment by a count (the number of people who are unemployed) or by giving a rate (the percentage of the labor force that is unemployed). The number of people in the labor force grew from 107 million in 1980, to 126 million in 1990, to 143 million in 2000, to 154 million at the end of 2007. Use these facts to explain why the count of unemployed people is not a valid measure of the extent of unemployment.
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?
%
%
%
%
Chapter 20 Solutions
Essentials of Economics (MindTap Course List)
Ch. 20.1 - Prob. 1QQCh. 20.2 - Prob. 2QQCh. 20.3 - Prob. 3QQCh. 20.4 - Prob. 4QQCh. 20.5 - Prob. 5QQCh. 20 - Prob. 1CQQCh. 20 - Prob. 2CQQCh. 20 - Prob. 3CQQCh. 20 - Prob. 4CQQCh. 20 - Prob. 5CQQ
Ch. 20 - Prob. 6CQQCh. 20 - Prob. 1QRCh. 20 - Prob. 2QRCh. 20 - Prob. 3QRCh. 20 - Prob. 4QRCh. 20 - Prob. 5QRCh. 20 - Prob. 6QRCh. 20 - Prob. 7QRCh. 20 - Prob. 1PACh. 20 - Prob. 2PACh. 20 - Prob. 4PACh. 20 - Prob. 5PACh. 20 - Prob. 6PACh. 20 - Prob. 7PACh. 20 - Prob. 8PACh. 20 - Prob. 9PACh. 20 - Prob. 10PA
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- Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.arrow_forwardFill in the missing values in the table of data collected in the household survey for December, 1996. The working-age population, employment, unemployment, and labor force are measured in thousands. Show your work. Working age population: 235,900 employment: unemployment: unemployment rate: 9.4% labor force: labor force participation rate: 65.5%arrow_forwardEconomists use labour-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retireesarrow_forward
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- Fill in the missing values in the table of data collected in the household survey for December, 1996. The working-age population, employment, unemployment, and labor force are measured in thousands. Show your work. Working-age population Employment Unemployment Unemployment rate 5.4% Labor force 135,113 Labor force participation rate 67.0%arrow_forwardThe table gives information about a nation's labor force. What is the labor force participation rate? The labor force participation rate is _____ percent. Labor Market Data Not in labor force 70.0 million Labor force 142.6 million Employed 136.9 millionarrow_forwardWhich of the following people would be classified as unemployed by the Bureau of Labor Statistics Select one: a. Brian who is in the military, stationed in Iraq b. Lisa who has graduated college and is attending job fairs c. Joyce who just quit her job and has returned to school d. Mr. Thomas who is retired and spends his day watching his grandkidsarrow_forward
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