2. In 2016, there were approximately 159.2 millionpeople in the labor force and the unemploymentrate was 4.9 percent. If the unemployment ratehad been 4.5 percent instead of 4.9 percent,a. How many fewer workers would have beenunemployed?million

here we calculate the number of unemployed by using the given data which are as follow -

Answered: 2. In 2016, there were approximately…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The actual unemployment rate is composed of three types. Identify each type and explain whether the government can really do anythingabout each of them and why. If the current unemployment rate were 9% would this be a problem and why? If the current unemployment rate were 1% would this be a problem and why?
Look at the following data: The frictional unemployment rate is 3 percent, the natural unemployment rate is 6.5 percent, and the cyclical unemployment rate is 2.4 percent. The structural unemployment rate is __________ percent Select one: A. 3 B. 3.5 C. 0.6 D. 5.4 Suppose that the consumer price index (CPI) in a country was 120 in 2007 and 144 in 2008. The inflation rate between those two years was Select one: A. 12 percent. B. 14 percent. C. 20 percent. D. 25 percent Construction workers laid off from their jobs as the result of a recession are considered Select one: A. structurally unemployed. B. cyclically unemployed. C. frictionally unemployed. D. seasonally unemployed.
1. To be considered unemployed, a person needs to meet 2 qualifications: a. b. 2. Historically, what are the highest and lowest unemployment rates in our history? 3. There are 5000 people of working age. 2500 people are working full time. 900 are working part time. 350 people are without jobs and looking for work. a. Calculate the unemployment rate. b. Calculate the labor force participation rate. #3 % & 3 4. 8 6. e y W f k a C V m alt alt
10
8. 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 %
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part 2
5. If a discouraged worker reenters the labor force and begins searching for jobs but doesn't find one, the unemployment rate will a. Go down because our economy is on the right track, with more people wanting to work. b. Stay the same because the number of people with jobs didn't change. c. Stay the same because the worker isn't counted in the labor force until the worker finds a job again. d. Increase because the percentage of labor force participants with jobs has decreased.
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4. Wally Land has an adult population of 320 million, among which 250 million are employed, 20 million are unemployed, and the rest of the adult population was out of the labor force. What is the unemployment rate?
1. What can be done to prevent unemployment? 2. What can be done to decrease unemployment?

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2. In 2016, there were approximately 159.2 million people in the labor force and the unemployment rate was 4.9 percent. If the unemployment rate had been 4.5 percent instead of 4.9 percent, a. How many fewer workers would have been unemployed?