The definition if the term labor force and whether this definition by the US government is good or not.

Question

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Answer 1

Question

Chapter 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

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Answer 2

Question

Chapter 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

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 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

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 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

Answer 6

Chapter 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.

Economics Concept Introduction

Labor force - People available for hiring is referred to as the labor force.

Answer 7

Chapter 7, Problem 1E

To determine

The definition if the term labor force and whether this definition by the US government is good or not.

Answer 8

Expert Solution & Answer

Answer to Problem 1E

Labor force is made up of both employed and unemployed.

Officially, labor force = All US residents − residents under the age of 16 − institutionalized adults − adults not looking for jobs.

The definition of the US government regarding labor force is a good one.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

According to the Bureau of Labor Statistics, people with jobs are employed. People who don't have jobs, looking for jobs and available for jobs are unemployed. Labor force constitutes of both the groups. It is the sum of employed and unemployed people.

It is a good definition because it includes all the people who are actively there in the job market, may not have jobs but are available for employment opportunities. It excludes people who are not in the workable age or are part of the institution like army.