Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 22, Problem 1SPPA
To determine
To classify:
The individuals into labor market category used by the BLS, and mention whether the workers are part-time or full-time and also mention which part time worker is doing job for economic reasons.
Expert Solution & Answer
Explanation of Solution
Household 1: Ms. C is working part time because she has worked less than 35 hours a week. She is also looking for a job as she has attended two job interviews also. Mr. J is working full time as he is working more than 35 hours a week. Ms. M is a student and is working part time, 10 hours a week, to meet her daily living expenses and pay her college fees.
Household 2: Mr. J is working full time but was on vacation for one week. Whereas, his wife, Mrs. S is currently working part time and also looking for a full time job. She is working part time until she finds a full time job.
Household 3: Ms. A is working full time and his partner Ms. K did not find job, so she left the labor force and joined school to complete her education. This will improve her resume and her chance of getting a job after completing school will increase.
Household 4: M and H are retired so they are out of labor force. While, their son H is working part time as he is working less than 35 hours per week. He is working part time to earn his livelihood.
Economics Concept Introduction
Part time job:
A person who works less than 35 hours a week is said to be doing a part time job. This job is basically done to earn extra income.
Full time workers:
The workers who work for more than 35 hours a week are said to be full-time workers. People do full time job to earn money on a salary basis.
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Use the following information to answer the next question.
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.
Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.
George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.
Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills.
Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was…
Using the following data calculate:
987,156 Currently Working
23,000 volunteer workers
9845 (ages 13-14) looking for work
12,000 (ages 15) looking for work
45,600 Part -Time Workers
56 family workers who worked 15 hrs a week
234 Self Employed
6543 Discouraged Workers
67, 432 (ages 23-25) looking for work
67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work
Current population is 6,000,000
5454 Temp Workers
5000 armed forces
543 recent university graduates that are going back to graduate school
3500 institutionalized
(iv) The labour force Participation rate
(v). The "official" unemployment rate
Type answer please
Using the following data calculate:
987,156 Currently Working
23,000 volunteer workers
9845 (ages 13-14) looking for work
12,000 (ages 15) looking for work
45,600 Part -Time Workers
56 family workers who worked 15 hrs a week
234 Self Employed
6543 Discouraged Workers
67, 432 (ages 23-25) looking for work
67, 890 laid off receptionists looking for work
544, 321 (ages 16-20) looking for work
Current population is 6,000,000
5454 Temp Workers
5000 armed forces
543 recent university graduates that are going back to graduate school
3500 institutionalized
(c) suppose that 20,000of tghe employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not workingnand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unnemployment rate.
(d) Illustrate and carefully explain the impact of an increase in the…
Chapter 22 Solutions
Foundations of Economics (8th Edition)
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