the ______ population = 200 million, the labor= 160 million, and employment= 140 million c) Starting from the situation in (a), what would happen to the labor force participation rate if 30 million people lost their jobs and all of them exited the labor force? d) Starting from the situation in (a), what would happen to the labor force participation rate if employment rose from 140 million to 150 million?
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c) Starting from the situation in (a), what would happen to the labor force participation rate if 30 million people lost their jobs and all of them exited the labor force?
d) Starting from the situation in (a), what would happen to the labor force participation rate if employment rose from 140 million to 150 million?
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- If the labor force increased to 180 million and the working-age population increased to 300 million what would the labor force participation be? ____ percent.In a country called Uncle Sam Land (USL), the labor demand curve is given by:W = K- 4LWhere W is the wage rate, K is a variabledetermined by accumulated capital stock in thecountry, and L is the labor force in the country.K= 50 is supplied by the capitalists.If the labor force in this country goes up from 10 to 11, what happens to the national income in USL?National Income = income of all workers + income of all capitalists.Select one:a. Does not changeb. Goes down by 44c. Goes up by 8d. Goes up by 26e. None of the above.Total labor income equals the real wage times the amount of labor hired: W x L = WI. Labor's share of income is thus divided by output Y: WL P Y = WL PY Suppose that labor's share of total income is approximately constant over time, as Figure 3-5 in the text shows has been true of the U.S. If labor's share of income is approximately constant, the real wage systematically diverges from labor productivity. is inversely related to labor productivity. O closely tracks labor productivity. is unrelated to labor productivity.
- Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 million people employed; 0.3 million younger than 18, in school or retired; 0.1 million voluntarily unemployed; and 0.1 million people officially unemployed. Refer to the scenario above. If country A is at a labor market equilibrium, which of the following should be the only reason that a person is officially unemployed? O The person does not participate in the labor force. The person is in school and chooses not to work. O There is imperfect information between employers and workers, so the person is not able to find a job. O The person is retired.The number of adults not in the labor force of a country equals 6 million, and the number of individuals employed is 5 million. If there are 12 million potential adult workers in the economy, what is the current unemployment rate in this country? 45 percent 67 percent 21 percent 55 percent If the opportunity cost of working outside the home increases, then ________ the labor supply curve, assuming all else equal. there will be a left shift in there will be a right shift in there will be an upward movement along there will be a downward movement along Which of the following statements is true? Technological innovation always leads to unemployment in an economy as a whole. Technological innovation can cause wages to fall for some workers in an economy. Technological innovation increases wages for all workers in an economy. Technological innovation reduces the demand for goods and services in an economy. If the annual inflation rate in an economy is i, then $1 borrowed at the…On Coral Island in 2019, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. During 2020, the working-age population increased by 1,000, 200 unemployed people found jobs, but the labor force did not change. Calculate the working-age population, the unemployment rate, and the labor force participation rate at the end of 2020. At the end of 2020, the working-age population is _____ .
- Which statement correctly describes the U.S. labor force participation rate? The U.S. labor force participation rate _______. A. has an upward trend that is mainly accounted for by the increasing participation of men in the labor market B. is calculated as the percentage of the labor force who are employed C. increased from 59 percent in 1960 to 67 percent in 1999 D. for women is higher than the female labor force participation rates in Canada and the United KingdomGalaxy, a multinational corporation, has two plants, one in the United States and the other inMexico, and it cannot change the size of the plants or the amount of capital equipment in theshort run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 perhour. Given current employment situation, the productivity per worker in Mexico is 200 units perhour, and the productivity per worker in the U.S. is 400 units per hour.Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy doConsider an economy with the Cobb-Douglas production function: Y = 3K0.2L0.8 K = 140000; L=8000 Round answers to two places after the decimal when necessary. c. Now suppose that Congress, concerned about the welfare of the working class, passes a law setting a minimum wage that is 9 percent above the current equilibrium wage. Assuming that Congress cannot dictate how many workers are hired at the mandated wage, calculate what happens to the real wage, employment, output, and the total amount earned by workers. Real wages = $ Total output = d. Does Congress succeed in its goal of helping the working class? O Yes, Congress does succeed in its goal of helping the working class. units No, Congress does not succeed in its goal of helping the working class. Employment = Total earned by workers = $ workers e. Does this analysis provide a good way of thinking about a minimum-wage law? O No, this analysis does not provide a good way of thinking about a minimum-wage law. Yes, this analysis does…
- Bob tried to get a job for nine solid soul-sucking months of interviews, resumes, and failure. He never was able to get a job. Of course, he'd still like one, but he's exhausted and burned out. For the last several months, he's mostly sat on the couch and watched TV, not applying for jobs. As Bob moved from looking for a job to not looking, he unemployed and the labor force participation rate O is considered; rises is not considered; falls O is not considered; rises is considered; fallGiven: c = 0.75 y = $40 w= $20 I = $1,000m G= $500 Labor force = 100m hours a) N* = ? b) Y* = ? c) Suppose that on average a worker works 2,000 hours per year (500 workers = 1 million hours). By how much would government spending have to go up to increase employment by 10,000 workers?Explain how the removal of online purchase taxes on ICT devices may effect a country's employment rate.