ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Question 25 In 1950, Congress raised the federal minimum wage to seventy-five cents ($0.75) per hour. The CPI in 1950 was equal to 24, and now it is equal to about 240. What would the 1950 minimum wage be equal to in terms of today's dollars? O $7.50 O $5.30 O $4.10 O $3.20arrow_forwardSuppose the population is 300 million people.Of these, 70 million people are classified as "not surveyed," 80 million people as not in the labor force, and 144 million as employed.What would be the unemployment rate in this example? Select one. a. 4% O b. 8% O c 6% Od. 2% Oe. 10%arrow_forwardConfuse in this question please helparrow_forward
- 5arrow_forwardSuppose the consumer price index (CPI) accurately measures inflation, and: Suppose in 1961 your grandfather earned $12,000, and the CPI in 1961 was 30. In 2020, the CPI was 260. Ceteris paribus, it follows that your grandfather's salary in 2020 dollars equals: O a. $1,385 O b. $31,200 O c. $104,000 O d. $312,000 Next pagearrow_forward12) The unemployment rate is calculated as follows: OA. Unemployment Rate = Number of Unemployed Number of Employed x100. O B. Unemployment Rate = Number of Unemployed x 100. Population C. Unemployment Rate = Number of Unemployed Number of Employed Labor Force O D. Unemployment Rate = Number of Unemployed x100 Labor Force Which of the following is not one of the conditions someone needs to meet to be counted as unemployed? O A. They had actively looked for work at some time during the previous four weeks. O B. They had worked only one hour per week during the previous four weeks. OC. They must not have worked in the week previous to the survey week. OD. They were available for work in the week previous to the survey week. >> Documentsarrow_forward
- QUESTION 21 Calculate (to the nearest whole number) the unemployment rate for a country which has provided the following data: Population: 50m People aged 18-65: 30m People working: 21m People of working age who do not have jobs but are willing to work at the current wage rate: 5m People of working age who do not have jobs:7m O a. 14% O b. 17% OC. 18% d. 23%arrow_forwardThe wage setting equation: W = P(1 − u + z), where u is the unemployment rate and z is the unemployment benefit payment, which is assumed to be 6%. The markup is assumed to be 7%. The natural rate of unemployment is (round to the nearest decimal): O a. 6.3% O b. 9.5% O c. All of the answers here are incorrect O d. 12.5% O e. 6.5%arrow_forwardIf real GDP exceeds potential GDP, then employment is unemployment rate. full employment and the unemployment rate is the natural O A. below; above O B. above; above O C. equal to; equal to O D. above; below O E. equal to; belowarrow_forward
- Suppose that in Workaholia the total population = 180 million, the number of unemployed = 5 million, and the labor force = S5 million. What is the employment to population ratio in Workaholia if 60 million people are ineligible to work? Select one: O a. 50.0% O b. 55.5% Oc 61.2% O d. 41.7% O e. 68.4%arrow_forwardThe graph below depicts the market for labor Wage Rate 17 16 15 .. 14 .. 13 13 12 11 10 2 4 6 8 10 12 14 16 18 20 Quantity of Labor (in thousands) Market for Labor Suppose a recession has caused the demand for labor to shift from D₁ to D₂. How many workers will be unemployed? Multiple Choice O O O 1,000 workers 2,000 workers 4,000 workers 6.000 workersarrow_forwardAssume that an economy has the following population data: Total adults over age of 16 year: 243 million Total population in labor force: 155 million total employed population: 140 million Find the unemployed rate in this economy? а. 9.67% b. 57.6% O c. 10.71% O d. 63.78%arrow_forward
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