Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 22, Problem 2IAPA
To determine
To calculate:
The labor force participation rate and the
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Foundations of Economics (8th Edition)
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- What is the current unemployment rate and the labor force participation rate?arrow_forwardThe BLS survey reported the numbers in the table for a small community of 320 people. Calculate the unemployment rate and the labor force participation rate in this community. The unemployment rate is >>> Answer to 1 decimal place. percent. Category Worked at least 1 hour as paid employees Were not working but had jobs or businesses from which they were temporarily absent Had no employment and didn't want to work Were available for work and had looked for employment last week Were available for work and were waiting to be recalled to their previous job Number 200 10 30 20 10arrow_forwardThe town of Villageton has 500 residents, of which 300 are employed, 30 are not working but actively seeking work, 70 are children in school, 40 are retirees, 30 are full-time college students, 20 are institutionalized, and 10 are discouraged workers. Calculate the unemployment rate in Villageton. Suppose 10 of the 30 college students graduate and enter the labor force actively seeking work, but only 5 find a job. How does this change the unemployment rate in Villageton? Is this economy “fully-employed” according to the U.S. definition? Why or why not? How would the “U6” definition of unemployment differ from your answer to question #2a? Would it be higher or lower? Calculate the labor force participation rate (LFPR) using the numbers above.arrow_forward
- The Labor Force is 12,000,000 and the number of employed is 11,500,000, what is the unemployment ratearrow_forwardIn January 2019 , the labor force was 163.2 million, employment was 156.9 million, and the working-age population was 258.2 million. Calculate the labor force participation rate in January 2019 . The labor force participation rate was enter your response here percent. >>> Answer to 1 decimal place.arrow_forwardThe following table contains U.S. employment information from February 2010. Civilian Population Employed Unemployed Discouraged (Persons 16 years old and over) (Persons) (Persons) (Persons) 236,998,000 138,698,000 14,860,000 1,204,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which takes into account discouraged workers and is calculated as follows: U-4U-4 = = 100×Unemployed+DiscouragedLabor Force + Discouraged100×Unemployed+DiscouragedLabor Force + Discouraged Fill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization. Official Unemployment Rate U-4 Measure of Labor Underutilization (Percent) (Percent) The official unemployment rate and the U-4 measure of labor underutilization are two different measures of…arrow_forward
- In 2019, the Labor Force Survey measured the economically active population is 40 million, the employment number is 30 million, and the working-age population is 60 million. Calculate the following for 2019 a) find the unemployment rate: b) find the Labour force participation ratearrow_forwardHow is the unemployment rate calculated? Describe the three principal types of unemployment.arrow_forwardDistinguish between the level of unemployment and the rate of unemploymentarrow_forward
- 2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. O They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. O They have given up on looking for a job. O They are employed workers who want to earn higher wages. O They are full-time workers who would like to work only part-time. The following table contains U.S. employment information from August 2019. Civilian Population Employed Unemployed Discouraged (Persons) (Persons 16 years old and over) (Persons) (Persons) 6,044,000 259,432,000 157,878,000 467,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows: Unemployed+Discouraged Labor Force + Discouraged U-4 100 xarrow_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 Employment Unemployment Unemployment rate 5.4% Labor force 135,113 Labor force participation rate 67.0%arrow_forwardA 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 ratearrow_forward
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