See the labor market graph directly below. If there is a sticky wage of $20, what is the unemployment rate in this labor market? A Labor Market 20 20 16 Although the graph does not present complete labels, standard labor market labels apply. Note: graph is not to scale. 12 15.00% 8.57% 9.38% 160 175 (millions) 0% 10.00% 16.00%

Question 3 The table below gives some labor statistics (from the Bureau of Labor Statistics) for years 1995, 2000 and 2005. Use these data to answer the following questions. Express your answers in percentage terms to two places past the decimal. Variable 1995 2000 2005 Population 26,000,000 27,000,000 28,000,000 Adult population 18,000,000 19,000,000 20,500,000 Adult population able to work 17,900,000 18,800,000 20,000,000 Adult population able and wanting to work 15,700,000 16,500,000 18,000,000 Number employed 14,000,000 14,500,000 15,000,000 Number unemployed 1,000,000 1,500,000 2,500,000 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.

This question requires effective research to gather pertinent labor market statistics. Consider the source of your data. Official labor market statistics are gathered into “jobs reports” by the United States federal governmental agency: the Bureau of Labor Statistics or BLS. (6 points.)a. Find the following statistics on employment in January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: c. Find the changes in each statistics from January, 2021 to January, 2022:Unemployment rate: Labor Force Participation Rate: Employed population: d. Find the changes in each statistics from January, 2010 to January, 2011:Unemployment rate: Labor Force Participation Rate: Employed population: e. Briefly compare the severity of the two recoveries citing relevant statistics.

The following table contains unemployment statistics from 2013 for three different countries: Australia, the Netherlands, and France. (Source: “International Labor Comparisons.”Bureau of Labor Statistics) Fill in the table using the given data. Country Working-Age (Civilian Not in Civilian Employed Unemployed Unemployment Non-institutionalized) the Labor Force Labor Force (Thousands) (Thousands) Rate Population (Thousands) (Thousands) (Percent) (Thousands) Australia 18,332 6,196 12,136 11,501 635      Netherlands 13,629 4,796   8,364 469      France   22,411   25,547 2,824

Real 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…