Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 22, Problem 3SPPA
To determine
To provide:
Two examples of individuals who do a part time job for economic reasons and who do a part time job for non-economic reasons.
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Which individual is out of the labor force?
John is without a job, is able to work, but is not actively looking for work.
Matthew is working 40 hours per week.
Mary is without a job, is able to work, and is actively looking for work.
Emily is working 6 hours per week.
In June 2019, the labor force was 163.0 million and employment was 157.0 million. In June 2019, 17.3 percent of all employment was part time and 4.3 million people worked part time for economic reasons.
How many people worked part time for noneconomic reasons?
The number of people who worked part time for noneconomic reasons is
enter your response here
million.
>>>
Answer to 1 decimal place.
Suppose that a person's life is divided into two periods. A period of poor economic times, when this
person earns $27 per hour of work, and a period of good economic times when they earn $39 per
hour. The person cannot work more than 2000 hours in a single period, but they want to earn
$104,000 total across both periods.
What is the minimum number of hours this person needs to work total?
Round your answer to two decimal places. Then take a second and thing about what is happening to GDP
in each time period and connect the dots to Real Business Cycle Theory.
Chapter 22 Solutions
Foundations of Economics (8th Edition)
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- Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the labor force participation rate is approximately is ?arrow_forwardQ17arrow_forwardJESTION 30 ch of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as unem a. anyone who is not employed b. anyone who is not employed, is available for work, and has looked for work in the past 4 weeks c. anyone who is not employed, is available for work, has looked for work in the past 4 weeks, and anyone who is waiti d. anyone who is not employed, is available for work, has looked for work in the past 4 weeks, anyone who is waiting to employed part time and has searched for full time employment in the past 4 weeks QUESTION 31arrow_forward
- The 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_forwardIf wages are rising over time, what would you predict about the trend in the labor force participation for each of the two populations?arrow_forwardWhat is the formula for total factor productivity? What will be happened when the labour input is measured by total hours not total employment? Why will the TFP be so large and in negative value?arrow_forward
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