ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Challenge Question: Suppose that the U.S. adult population is 230 million and the labor force participation rate is 67 percent. What is the size of the U.S. labor force?
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- A member of the labor force is defined as: Someone already employed or actively seeking work. someone already employed on a full-time basis. O someone who is employed. someone who is employed on a part-time basis. someone who is above the age of 16.arrow_forwardCategory Total population Less than 16 years of age Over 65 years of age Institutionalized 15 Part-time workers 40 Full time workers 145 Actively looking for work 10 In the US Armed forces 20 The Labor force participation are is 95% 83.% 80% 93% a. b. C. Number of people (million) 305 d. 30 5arrow_forwardSuppose some country had an adult population of about 50 million, a labor-force participation rate of 65 percent, and an unemployment rate of 5 percent. How many people were employed? a. 1.5 million b. 28.5 million c. 30.9 million d. 47.5 millionarrow_forward
- Note: typed answer with 100℅arrow_forwardReal Wage Number of Workers Demanded Labor Force Participation Rate 60 120,000,000 30% 70 110,000,000 35% 80 100,000,000 40% 90 90,000,000 45% 100 80,000,000 50% 110 70,000,000 55% 120 60,000,000 60% 130 50,000,000 65% 140 40,000,000 70% 150 30,000,000 75% 160 20,000,000 80% 170 10,000,000 85% Ignore everything that happened in the previous questions. We know that supply of labor can increase either because of an increase in labor force participation rate or an increase in civilian population. We saw the effect of the former above. This question is about the latter. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is…arrow_forwardDefine the following • Unskilled iabour ****** * Skilled labour Semi-skilled labour 2021-08-23 08:58arrow_forward
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