EBK MACROECONOMICS (FOURTH EDITION)
4th Edition
ISBN: 9780393616125
Author: Jones
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 1E
To determine
Explain how many more people would have been working.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Suppose that the number of non-institutional civilian (working age) population is 150
million. Of those, 20 million are neither working nor looking for jobs. If the number of
people employed is 100 million, what is the unemployment rate?
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force. What’s the unemployment rate? What share of population is in the labor force? (Show your work in your answer.)
In 1929 the US had an unemployment rate of approximately 3.2%, or 1.6 million people unemployed, yet most economists suggest we were at full employment. What do economists mean by "full employment"?
Chapter 7 Solutions
EBK MACROECONOMICS (FOURTH EDITION)
Knowledge Booster
Similar questions
- Are all adults who do not hold jobs counted as unemployed?arrow_forwardSuppose the U.S. noninstitutional adult population is 230 million and the labor force participation is 67 percent: What would be the size of the US labor force? If 85 million people are not working, what is the unemployment rate?arrow_forwardA radio commentator stated that with 10% unemployment rate, 11 million people out of the total population of 110 million are unemployed. Is this statement right or wrong? Why?arrow_forward
- How many missing jobs (a FRED question): Suppose the U.S. unemploymentrate in October 2009 had been 6% instead of 10.0%. How many more peoplewould have been working (assuming the labor force remained the same)?arrow_forwardSince the United States has an unemployment compensation program that provides income for those out of work, why should we worry about unemployment?arrow_forwardBetween January 2010 and January 2016, U.S. employment increased by 12.1 million workers, but the number of unemployed workers declined by only 7.3 million. How are these numbers consistent with each other? Why might one expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people employed?arrow_forward
- How many people are unemployed if the employment ratio is 75%, there are 90 million people employed, and there are 20 million people not in the labor force?arrow_forwardGiven the numbers in the table, what is the unemployment rate, in percent? (Assume everyone is included in one of the categories.) Round to one decimal place and do not enter the % sign. If your answer is 6.14%, enter 6.1. If your answer is 6.15%, enter 6.2. If appropriate, remember to enter the sign. Category Working Full Time Working Part Time Not Working, Searching for a job Not Working&Not searching for a job; <65 years old Not Working & Not Searching: Full Time Student 15 years old Not Working & Not Searching: Full Time Student 15 years old Not Working, Retired (not searching) 11.1 Number 350 50 50 30 80 20 100arrow_forwardSuppose that the labor force in the Canary Islands is 82,452. There are also 1,631 stay-at-home parents in the Canary Islands, and the population is 109,714. Currently, there are 78,125 people employed. What is the unemployment rate, rounded to the closest tenth of a percent? 3.8% 9.0% 28.7% 5.2% 4.8%arrow_forward
- During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.arrow_forwardWhat type of unemployment does each of the following represent? Explain your answers. Q.6.3 Migrant farm workers' employment is terminated when the harvest is finished. Q.6.4 Workers at the car plant are laid off as a result of a slump in motorcar sales. Q.6.5 Worker decides to resign from his firm to find himself, so he can follow his passion and apply for a different job in a near future.arrow_forwardThis question explores the calculation of the unemployment rate. You will be provided some imperfect employment data for four different countries and asked to identify the unemployment rate. Task 1: The population of Asartaland is 95. Of these 95 individuals, 75 are in the labor force and 65 are employed. What is the unemployment rate in Asartaland? Task 2: The population of Millsville is 130. Of these 130 individuals, 90 are in the labor force and 20 are unemployed. What is the unemployment rate in Millsville?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning