Answered: a. Explain the difference between the…

a. Explain the difference between the unemployment rate and the labor force participation rate. b. Explain in your own words the social and economic implications of unemployment.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 6WNG

See similar textbooks

Related questions

Q: Suppose you win a raffle held at a county fair and are given the choice between two different ways…

A: Present worth (PW) converts the set of future worth to the equivalent set of present sums in terms…

Q: Use the following cell phone airport data speeds (Mbps) from a particular network. Find the…

A: Percentile is calculated by using the below formula :- Percentile = (no. of value less than the…

Q: Butter is a final good True/False

A: Final goods are end products which are used by the consumer and intermediate goods are the goods…

Q: In these neighborhoods, Sale price of Comparable 1,2,3 are worth about $1,250,000; $1,800,000 and…

A: The selling price of a product or the service refers to the ultimate price set by the seller, i.e.,…

Q: You are provided five quarters of sales (Q1 = $2,500, Q2 = $2,100, Q3 = $1,900, Q4 = $2,000, and Q5…

A: Moving average is a calculation that takes arithmetic mean of a given set of data.

Q: b) What would be the highest price (premium) that she would be willing to pay for an insurance…

A: To determine the highest premium that Priyanka would be willing to pay for full insurance against…

Q: 2) Veronica is going to sell two vases to a dealer. She can sell each vase for $10. In order to…

A: Veronica is risk neutral person which implies that utility from expected wealth will be equal to the…

Q: You borrow $1,000 from a bank to buy a car to use in your pizza delivery business. IS THIS AND…

A: Savings are a type of income which is kept by the consumer after paying all his expenditure. When…

Q: COVID-19 has caused several shortages: paper products, hand sanitizer, and even nurses. When a…

A: If the number of travelling nurses increases by 3%, the weekly pay of travelling nurses decreases by…

Q: Cameron sells premium steak at the local market. He has a lot of customers due to the promising…

A: Price discrimination is a pricing strategy in which the same provider offers the same or…

Q: Ivan the trainer has two solo workout plans that he offers to us clients: plan a and Plan B. Each…

A: Answer -

Q: You are considering a $500,000 investment in the fast-food industry and have narrowed your choice to…

A: Investment alludes to the allocation of money, resources, or capital with the expectation of…

Q: You plan to open a retirement account. Your employer will match 50% of your deposits up to a limit…

A: Time value of money: It refers to the value of money which is more in the present as compared to the…

Q: George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1,…

A: Gross income refers to the total income earned by an individual before any deductions or taxes are…

Q: You are trying to decide between rescuing a puppy or an older dog. You decide to try to assign some…

A: Utility when the dog chews furniture = 0.1 Utility when dog goes on hike = 0.8 Expected Utility =…

Q: Suppose that you graduate from college next year and you have two career options: 1) You will start…

A: Hey champ,Welcome to this platform. Here you will get the answer with better quality in minimum…

Q: Determine the reseller’s best decision without conducting the survey

A: Given, a computer reseller needs to decide how many laptops to order next monthThe lowest end laptop…

Q: You consider buying a lot on which you will build a small apartment complex. The asking price for…

A: To determine whether to buy the lot and when to build the apartment complex, start by calculating…

Q: In the final round of a TV game show, contestants have a chance to increase their current winnings…

A: The winning amount increases from $1 million to $2 million. Wrong guess decreases the amount to…

Q: After graduation, you face a choice. You can work for a multinational consulting firm and earn a…

A: Write the formula to calculate accounting profit as follows: Accounting profit = revenue - explicit…

Q: What is the percentage change in the number of units sold if the company wants to maintain its…

A: To calculate the percentage change in units sold, we need to determine the break-even point, i.e.,…

Q: The market demand for the newest smartphone is 1 million units. The selling price for the LG phone…

A: Net marketing contribution (NMC) is a measure that determines the market profitability through…

Q: If you choose two people at random, what is the probability that both have the same blood type?

A: Probability of an event E is given as : P(E) = (number of elements in the event set / number of…

Q: Define reciprocity.

A: Reciprocity is a concept of behavioral economics and does not involve economic exchange.

Q: You are the Financial Manager of Walmart in U.S. and Walmart has recently started exporting food…

A: Answer: If the value of AUD falls then fewer units of USD can be obtained from the same units of…

Q: Malaysians are at their worst financial position in 2022 compared with the last five years, and the…

A: Inflation is referred to as the increase in the level of general prices in an economy. The…

Q: Suppose you play a game with a spinner. You play each game by spinning the spinner once. P(red) =…

A: Let's add values in the last column of the table to obtain the Expected value. So,…

Q: Sabrine purchased 4,500 shares of a mutual fund at an offer price of $8.88 per share. Later, she…

A: Initial price of share=$8.88 New price of share=$7.38 Dividend per share=$0.52

Q: Shawna bought an antique table for $200 last year and is now selling it for $250. Her rate of return…

A: Given Details - Buying price = 200 Selling price = 250

Q: Suppose that in year 1, Acme Corporation can make a real (inflation-adjusted) return on an…

A: Since you have posted multiple questions, we will solve the first answer for you. If you want any…

Q: You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class!…

A: Considering the two situation given the saving in time would be 10-5=5 hours. Looking at the extra…

Q: that consists of him, his father, his mother and his older brother. Each memb of the family has his…

A: Fixed costs are those costs which remain constant regardless of units of output produced while…

Q: Suppose there is a 75% chance of rain tomorrow. You are offered a "contract" that will pay you $1 if…

Q: John was a troubled teen and got arrested several times and even spent some time in a juvenile…

A: Teenagers have one major problems is that they argue frequently, anger is much more at that age…

Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

2-
a. Explain the difference between the unemployment rate and the labor force
participation rate.
b. Explain in your own words the social and economic implications of
unemployment.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Question

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?
Are U.S. unemployment rates distributed evenly across the population?
While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?
a) Determine the magnitude of the labour force in the economy?b) What is the Unemployment Rate for people aged 21 – 50? Report as apercentage to two decimal places. c) Calculate the Labour Force Participation Rate for this economy. Report aspercentage to two decimal places. d) Calculate the Unemployment Rate for this economy. Report as a percentage to two decimal places.e) Calculate the Employment Population Ratio for this economy. Repot as apercentage to two decimal places.f) For this part, assume that nothing changed with respect to the population, i.e. those who were working kept their jobs and those who were looking for jobs kept looking for jobs. For answering below questions choose between (will rise/will decrease/remains same) A. A baby is born.i) Unemployment Rate will……………………..ii) Labour Force Participation Rate will………….iii) Employment – Population Ratio will………….B. John, 35 years old, was discouraged by the poor job opportunities, sohe was not working and not looking for a…
explain how labour could be a factor for the unemployment rate
Give the equation used to calculate the unemployment rate. State the different types ofunemployment. In your opinion, which type is the most problematic one? Justify your answer.
If, over two periods (quarters), the unemployment rate had reduced from 6.5 to 5.5 per cent and the measured underemployment rate had increased from 7.5 per cent to 8.2 per cent, the change to the labour underutilisation rate would have been ..... Select one: a. an increase of 0.3 per cent. b. a decrease of 0.3 per cent. c. an increase of 0.7 per cent. d. a decrease of 0.7 per cent.
A country with a population of 120,000 (all over age 16) has 100,000 employed and 10,000 unemployed persons of which 5000 are frictionally unemployed and another 3000 structurally unemployed; I. What is the size of the labour force? ii What is the actual unemployment rate? iii what is the labour force participation rate? solve from iv to vi iv. What is the employment/population ratio? v. What is the natural rate of unemployment? vi. Is this economy in recession or a boom? Explain
How is the labor force defined and who measures it? How is the unemployment rate calculated? Does an increase in the unemployment rate necessarily mean a decline in the size of the labor force? Why is a positive unemployment rate—one more than zero percent—fully compatible with full employment?
In order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment. 1. What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer. 2. Use the figure below to examine the effects of the government minimum wage of AUD 25.00 in Philippines. a.Examine the effect of government minimum wage of AUD 25.00. Assume the increase labour is equivalent to the total labour force and calculate the unemployment rate b.The figure below indicates that the aggregate demand curve slopes left to right downwards. Explain the factors that account for the shape of the Aggregate demand curve.
What determines the nature rate of unemployment?
Which of the following statements is incorrect? a. A decrease in the labor participation can make the unemployment rate decline. b. When the BLS puts out Employment Situation report each month, it also provides the results about employment, hours worked, and employee earnings from Establishment Survey. c. Every month, the BLS computes the unemployment rate based on a survey of about 60,000 households (Current Population Survey). d. The broadest measure of labor underutilization, known as u6, is the sum of total unemployed, marginally attached workers, and part time workers for economic reasons as a percent of the civilian labor force. e. None of the above are incorrect.