Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 22, Problem 1.2P
To determine
Statement on structural
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if the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment
rate would be
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4 percent
6 percent
10 percent.
8 percent
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force. What’s the unemployment rate? What share of population is in the labor force? (Show your work in your answer.)
During a certain period of time, the economic growth of a country is reflected through some phases of the economic cycle.
What is a business cycle? Explain.
What are the four phases of the business cycle? Explain each one.
Do the four phases have a certain order? Explain your answer.
Does an economic cycle have a specific period of months or years? Explain your answer.
Chapter 22 Solutions
Principles of Economics (12th Edition)
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- Which of the following statements regarding policy measures to reduce unemployment is/are correct? a) Additional employment opportunities can be created by increasing automated production of goods and services. b) Consumption and investment must be lowered by increasing taxes or interest rates. c) The population growth rate must be lowered.arrow_forwardHow many people are unemployed if the employment ratio is 75%, there are 90 million people employed, and there are 20 million people not in the labor force?arrow_forwardA person who has been fired is not considered unemployed? True or Falsearrow_forward
- Economics In your own words, explain the difference between race, gender, age, education, and income in explaining the differences in unemployment. In your own words, explain the difference between the natural rate of unemployment and the actual rate of unemployment as reported by the U.S. Department of Labor. Do NÓT just discuss numbers; what is the difference?arrow_forwardThe total adult, working-age population in January 2017 was 254.1 million. Out of this total population, 152.1 million were classified as employed, and 7.6 million were classified as unemployed. The remaining 94.4 million were classified as out of the labor force. As you will learn, however, this seemingly simple chart does not tell the whole story. Discuss what the unemployment rate is telling us. Explain what the unemployment rate does not tell us regarding the economy, or the health of the economy. What might we miss if we try to judge the economy based only on the unemployment rate?arrow_forwardAustralia has aimed to achieve full employment by implementing various employment and labor market programs”. Achieving full employment would indicate that: Everyone in the Australian economy has a job. There is no unemployment in the economy. Australia has reached the level of employment where all workers are fully utilized, and there is no cyclical unemployment. Only a small percentage of the Australian workforce is unemployedarrow_forward
- Suppose that the number of non-institutional civilian (working age) population is 150 million. Of those, 20 million are neither working nor looking for jobs. If the number of people employed is 100 million, what is the unemployment rate?arrow_forwardDuring the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.arrow_forwardThe BLS reported that in June 2019, the labor force was 163.0 million, employment was 157.0 million, and the working-age population was 259.1 million. The BLS also reported that 17.3 percent of all employment in June 2019 was part time and that 4.3 million people worked part time for economic reasons. How many people worked part time for noneconomic reasons?arrow_forward
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