ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- 16. Suppose that the government imposes a minimum wage of $7. Then, the size of labor force will be people, the number of people employed will be. , and the number of people unemployed will be. a. labor force = 50, employment = 30, unemployment = 20 b. labor force = 50, employment = 50, unemployment = 0 c. labor force = 70, employment = 30, unemployment = 40 d. labor force 70, employment = 50, unemployment = 20arrow_forward8. Using the following data, total population 900 million, population under 16 years of age or institutionalized 110 million, not in the labor force 125 million, unemployed but actively seeking a job 20 million, part-time workers looking for full-time jobs 10 million, calculate the official unemployment rate %arrow_forward19 If the economy is at full employment, which of the following is true? Group of answer choices There is no cyclical unemployment. There is zero unemployment. There is no structural unemployment. There is no frictional unemployment.arrow_forward
- (5arrow_forward2) d. A positive unemployment rate—one more than zero percent—is fully compatible with full employment because at full employment, unemployment includes seasonal unemployment, which is usually positive because people are transitioning to new jobs. unemployment includes frictional unemployment, which is always positive because people are transitioning to new jobs the economy is producing at capacity. there is usually some unemployment due to the business cycle.arrow_forward
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