Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 5, Problem 21APA
To determine
Determine the relative size of the labor force participation rates and the employment-to-population ratios.
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The Bureau of Labor Statistics reported the following data for 2010:Labor force: 153.7 millionEmployment: 139.1 millionWorking-age population: 237.9 millionCalculate the:a) Unemployment rate.b) Labor force participation rate.c) Employment-to-population ratio.d) Why might the unemployment rate underestimate the underutilization of labor resources?
Chapter 5 Solutions
Macroeconomics
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.1 - Prob. 5RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQ
Ch. 5.2 - Prob. 6RQCh. 5.2 - Prob. 7RQCh. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.3 - Prob. 4RQCh. 5.3 - Prob. 5RQCh. 5.3 - Prob. 6RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11SPACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APACh. 5 - Prob. 28APACh. 5 - Prob. 29APA
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- Are U.S. unemployment rates distributed evenly across the population?arrow_forwardWould you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?arrow_forwardAssess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.arrow_forward
- Below is a table with US labour market data (in thousands): 1998 Working-age population 205, 220 Population Unemployed Employed 2008 233, 788 304,543 8,948 276,154 6, 204 131, 464 145, 363 2018 257,791 327,436 6, 306 155, 761 a) Caculate the labour force participation rate for each period. b) Calculate the unemployment rate for each period. Based on the provided data, what might be a reasonable "guesstimate" of the natural rate of unemployment for the years between 2008 and 2018? c) For each period calculate the employment-population ratio. d) In 2008 what is the number of discouraged workers? e) Using the FRED St Louis Fed database, look at the behaviour of the US labour participation rate between 2000 and 2015. What might explain its behaviour?arrow_forwardThe following scenarios have been taken from actual answers to the Current Population Survey conducted by the Bureau of Labor Statistics. In each case classify the individual as either employed, unemployed, or not in the labor force. 1. Walter White was laid off several months ago. He gave up looking for work and has not looked for two months.arrow_forwardSuppose that the adult population is 210 million, and there are 130 million who are employed, and the unemployment rate is 7%. Calculate the labor force participation ratearrow_forward
- What is the current unemployment rate and the labor force participation rate?arrow_forwardWhat are two issues with the unemployment rate in any given area?arrow_forwardThe following scenarios have been taken from actual answers to the Current Population Survey conducted by the Bureau of Labor Statistics. In each case classify the individual as either employed, unemployed, or not in the labor force. 1. Saul Goodman left his job at a law firm in New Yorks month ago and is now actively looking for a similar job in Albuquerque.arrow_forward
- The table below shows information on the adult population of a small country. Employment Information Adult population 31.1 million Full-time workers 15.1 million Part-time workers 4.3 million Unemployed workers actively seeking employment 1.3 million Unemployed workers not actively seeking employment 1.1 million What is the unemployment rate? Multiple Choice 4.9 percent 4.2 percent 2.7 percent 6.3 percentarrow_forwardThe figure on the right shows the average monthly flows (in millions) between employment, unemployment, and non-participation for a hypothetical economy. According to the figure, the separation rate in an average month is %. (Round your response to one decimal place.) Employment 140.4 million 5.1 2.3 2.2 4.0 Out of the Unemployment labor force 8.0 million 1.9 93.4 millionarrow_forwardWhat is the labor force participation rate? Not in labor force 76.0 million The labor force participation rate is percent. Labor force 147.4 million >>> Answer to 1 decimal place. Employed 139.3 million EGO B8888888888arrow_forward
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