Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 22, Problem 2SPPA
To determine
To compute:
The
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987,156 Currently Working
9845 (ages 13-14) looking for work
45,600 Part-Time workers
234 Self-Employed
67,432 (ages 23-25) looking for work
544,321 (ages 16-20) looking for work
5654 Temp Workers
543 recent university graduates that
are going back to graduate school
23,000 volunteer workers
12,000 (ages 15) looking for work
56 family workers who worked 15 hrs a week
6543 Discouraged Workers
67,890 laid off receptionists looking for work
Current population is 6,000,000
5000 armed forces
3500 institutionalized
Suppose that 20,000 of the employed switches to jobs in the underground economy. When
interviewed by STATIN, 50% of these switchers report that they are not working and 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" unemployment rate
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…
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. • Jeanette 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.• Ricardo 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. • Mollie 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.• George 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 unsuccessful and quit…
Chapter 22 Solutions
Foundations of Economics (8th Edition)
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- 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…arrow_forwardUsing 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 (i). The number of persons employed. (ii). The number of persons unemployed. (iii). The labour force. Type answer pleasearrow_forwardUsing 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 pleasearrow_forward
- Imagine we have the two datasets below (the first named person_age.dta and the second rent.dta) person_id county_id age 1 1 1 48.37863 23 2 2 2 39.79116 3 3 3 59.02524 4 4 4 40.65527 5 6 56 7 7 8 8 1 29.78645 2 3 52.80093 4 52.46461 county_id average_rent 55.16973 1 1 1348.872 2 2 1266.886 3 3 1136.646 4 4 1028.557 If we first load in person_age.dta and then merge to rent.dta, the correct code from the merge command would bearrow_forwardQuestion 4 Assume there are only 6 counties in a country, and there are only three industries (beer, bread and shirts) that employ people. The employment numbers are given in the Table below: Employment Beer Employment Bread Employment Shirts 200 County 1 County 2 County 3 County 4 County 5 County 6 4 45 10 6 12 120 10 10 60 10 16 10 20 12 2 60 12 Calculate the ELQS for the following county and industry combinations: (a) Beer in County 2 (b) Bread and County 6 (c) Shirts and County 2arrow_forwardUse the graph to answer the following question. Median Annual Earnings of Full-Time, Year-Round Workers Ages 25-34, by Educational Attainment: 2019 Delars S0.000 0.000 S70.000 70.000 S50,700 60.000 $55,700 S0.000 $44700 S31,700 $40.000 40,000 S35.000 $29,300 30.000 20.000 10.000 Some college, no degree Assodale's degree Bachelor degree Masters or higher degree Al educational Less than High school completion Total ettainment levels high school completion Bachelor's or higher degree Educational atainmest Which of the following statements is supported by the information in the graph? O A. High school graduates earn an average income. B. Investing in education leads to a higher standard of living. O. C. Education has little impact on the earnings of workers. O D. The costs of post-secondary education are greater than the benefits. 7 8 9. 4. W e m b n altarrow_forward
- using the data below calculate 4. the labour force participation rate 5. the official employment rate 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 5654 Temp workers 5000 armed forces 543 recent university graduatesthat are going back to graduate school 3500 institutionalizedarrow_forwardQuestion 21 Use the following table to answer the following questions. Wage Rate Quantity of Labor Demanded Quantity of Labor Supplied $5.00 175,550,000 120,000,000 $5.50 162,000,000 136,485,000 $6.00 153,300,020 153,300,020 $6.50 148,600,579 155,250,000 $7.00 142,050,000 157,132,360 $7.50 139,630,000 159,800,000 $8.00 135,000,000 161,000,785 At what price level does the labor market experience its largest shortage? $7.50 $5.50 $8.00 $5.00 O $6.00arrow_forwardNick is a 75-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Not in the labor force Rosa is a 36-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. Not in the adult population Tim is a 43-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Crystal is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Brian is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Alyssa is a 12-year-old student at East Valley Middle School. She…arrow_forward
- Given the information in the table, what is the labor force participation rate? Catagory Less than 16 years old Full-time workers Full-time military Part-time workers A. 74.7% OB. 74.3% OC. 63.1% OD. 69.2% Institutionalized Looking for work Retired Number of people (millions) 40 135 1.2 20 14.8 11.5 41.5arrow_forwardAge Employed (Thousands of People) Unemployed (Thousands of People) Not in Labor Force (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 1) What is the national Unemployment rate? 2) Complete the following table by computing the unemployment rate for each age group. Age Unemployment Rate 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over 3) Which of the following groups has an unemployment rate lower than the national average unemployment rate?arrow_forwardQUESTION 7 Fill in the blanks using the number that corresponds to the correct word or phrase below 1. Labor statistics 3. underemployed 2. Labor force participation rate 4. Percentage or rate 6. Not in the Labor force 5. census 7. Discouraged workers An individual with a college degree in finance who is working as a sales clerk would be considered Those who have stopped looking for employment and, hence, are no longer counted in the unemployed are classified as The percentage of adults in an economy who are either employed or who are unemployed and looking for a job is called Unemployment is calculated as a The Bureau of tracks and reports all data related to unemployment. Children should be counted as Those who have quit looking fo a job, often due to being discouraged by their inability to find suitable employment are counted as The U.S. unemployment rate, which is based on a monthly survey carried out by the U.S. Bureau.arrow_forward
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