State A has a total population of 10 million, of which 70 percent are adults (civilian noninstitutional population aged 16 and over). 20 percent of the adult population is not looking for a job, 60 percent of the remaining adult population is employed, and 40 percent of the remaining adult population is not employed but available for work and tried to find employment during the previous four weeks. (a) What is the labor-force for this state? (b) What is the labor-force participation rate? (c) What is the unemployment rate? (d) Can the unemployment rate change if there is no change in the number of adults without a job looking for one? Explain

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter15: Income Inequality And Poverty
Section: Chapter Questions
Problem 7CQ
icon
Related questions
Question

Thabkyou

State A has a total population of 10 million, of which 70 percent are
adults (civilian noninstitutional population aged 16 and over). 20
percent of the adult population is not looking for a job, 60 percent of
the remaining adult population is employed, and 40 percent of the
remaining adult population is not employed but available for work
and tried to find employment during the previous four weeks.
(a) What is the labor-force for this state?
(b) What is the labor-force participation rate?
(c) What is the unemployment rate?
(d) Can the unemployment rate change if there is no change in the
number of adults without a job looking for one? Explain
Transcribed Image Text:State A has a total population of 10 million, of which 70 percent are adults (civilian noninstitutional population aged 16 and over). 20 percent of the adult population is not looking for a job, 60 percent of the remaining adult population is employed, and 40 percent of the remaining adult population is not employed but available for work and tried to find employment during the previous four weeks. (a) What is the labor-force for this state? (b) What is the labor-force participation rate? (c) What is the unemployment rate? (d) Can the unemployment rate change if there is no change in the number of adults without a job looking for one? Explain
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Unemployment
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning