Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 22, Problem 3SPPA
To determine

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Two examples of individuals who do a part time job for economic reasons and who do a part time job for non-economic reasons.

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Which individual is out of the labor force? John is without a job, is able to work, but is not actively looking for work. Matthew is working 40 hours per week. Mary is without a job, is able to work, and is actively looking for work. Emily is working 6 hours per week.
In June 2019, the labor force was 163.0 million and employment was 157.0 million. In June 2019, 17.3 percent of all employment was part time and 4.3 million people worked part time for economic reasons.   How many people worked part time for noneconomic reasons? The number of people who worked part time for noneconomic reasons is enter your response here million. >>> Answer to 1 decimal place.
Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $27 per hour of work, and a period of good economic times when they earn $39 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $104,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.
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