Identify the unemployment rate.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

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!

Students have asked these similar questions

Sam's profit is maximized when he produces shirts. When he does this, the marginal cost of the last shirt he produces is , which is than the price Sam receives for each shirt he sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize his profit) is , which is than the price Sam receives for each shirt he sells. Therefore, Sam's profit-maximizing quantity corresponds to the intersection of the curves. Because Sam is a price taker, this last condition can also be written as .

Why must total spending be equal to total income in an economy? Total income plus total spending equals total output. The value-added measurement of GDP shows this is true. Every dollar that someone spends is a dollar of income for someone else. all of the above

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 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

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 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

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 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

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 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

Answer 6

Chapter 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

Answer 7

Chapter 22, Problem 1SPA

(a)

To determine

Identify the unemployment rate.

Answer 8

(a)

Expert Solution

Explanation of Solution

The unemployment rate can be calculated using the formula given below:

Unemployment rate =Number of people unemployedLabor force ×100 (1)

The labor force is the sum of the unemployed group and the employed group. Therefore, since the total labor force is 160 million and the employment is 152 million, the number of people unemployed is 8 million (160million−152million).

Substitute the values in Eqution-1 to get the value of unemployment rate as follows:

Unemployment rate =8million160 million ×100=5%

Thus, the unemployment rate is 5%.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.

Answer 13

(b)

To determine

Identify the labor force participation rate.

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

Answer 14

(b)

To determine

Identify the labor force participation rate.

Answer 15

(b)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows:

Labor force partcipation rate =Labor force Working age population×100=160 million254million×100=62.99%

Thus, the labor force participation rate is around 63%.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.

Answer 20

(c)

To determine

Identify the employment-to-population rate.

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%

Thus, the employment-to-population rate is 59.8%.

Economics Concept Introduction

Employment-to-population ratio: The employment-to-population ratio indicates employment as a percentage of working age population.

Answer 21

(c)

To determine

Identify the employment-to-population rate.

Answer 22

(c)

Expert Solution

Explanation of Solution

Since the working age population is 254 million and the number of people employed is 152 million, the employment-to-population rate can be calculated as follows:

Employment-to-population rate =Number of people employed Working age population×100=152 million254million×100=59.8%