PRINC OF ECONOMICS PKG >CUSTOM<
PRINC OF ECONOMICS PKG >CUSTOM<
7th Edition
ISBN: 9781305018549
Author: Mankiw
Publisher: CENGAGE C
Question
Book Icon
Chapter 28, Problem 1CQQ
To determine

Number of unemployed.

Expert Solution & Answer
Check Mark

Answer to Problem 1CQQ

Option “a” is correct.

Explanation of Solution

Option (a):

The person who is not currently at work but who has actively worked during the previous month is referred to as unemployed. Therefore, the number of unemployed is 10. Thus, option “a” is correct.

Option (b):

Here 40 peoples are full-time workers, 20 people work half-time but are referred to full-time workers, 10 are looking for a job,10 would like to work but are so discouraged that they have given up looking for a job, 10 are not interested in working because they are full-time students and 10 are retired. From this category, the number of people who are looking for job (10) is the number of unemployed from the total population of 100. Thus, option “b” is incorrect.

Option (c):

From different category of people according to their employment status, it is found that 10 people are unemployed. Thus, option “c” is incorrect.

Option (d):

40 peoples are included in full-time working category and only 10 peoples are considered to be the unemployed. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Unemployed: In government statistics, a person who is not currently at work but is available to do work and has actively worked during the previous month is referred to as unemployed.

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
Explain the importance of differential calculus within economics and business analysis. Provide three refernces with your answer. They can be from websites or a journals.
Analyze the graph below, showing the Gross Federal Debt as a percentage of GDP for the United States (1939-2019). Which of the following is correct? FRED Gross Federal Debt as Percent of Gross Domestic Product Percent of GDP 120 110 100 60 50 40 90 30 1940 1950 1960 1970 Shaded areas indicate US recessions 1980 1990 2000 2010 1000 Sources: OMD, St. Louis Fed myfred/g/U In 2019, the Federal Government of the United States had an accumulated debt/GDP higher than 100%, meaning that the amount of debt accumulated over time is higher than the value of all goods and services produced in that year. The debt/GDP is always positive during this period, so the Federal Government of the United States incurred in budget deficits every year since 1939. From the mid-40s until the mid-70s, the debt/DGP was decreasing, meaning that the Federal Government of the United States was running a budget surplus every year during those three decades. During the second half of the 1970s, the Federal Government…
An imaginary country estimates that their economy can be approximated by the AD/AS model below. How can this government act to move the equilibrium to potential GDP? LRAS Price Level P Y Real GDP E SRAS AD The AD/AS model shows that a contractionary fiscal policy is suitable, but the choice of increasing taxes, decreasing government expenditure or doing both simultaneously is mostly political The AD/AS model shows that increasing taxes is the best fiscal policy available. The AD/AS model shows that decreasing government expenditure is the best fiscal policy available. The AD/AS model shows that an expansionary fiscal policy capable of shifting the AD curve to the potential GDP level would decrease Real GDP but increase inflationary pressures
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Text book image
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Text book image
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Text book image
MACROECONOMICS FOR TODAY
Economics
ISBN:9781337613057
Author:Tucker
Publisher:CENGAGE L
Text book image
Economics For Today
Economics
ISBN:9781337613040
Author:Tucker
Publisher:Cengage Learning
Text book image
Survey Of Economics
Economics
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Cengage,