Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 22, Problem 4IAPA
To determine
To calculate the labor force participation rate and the
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The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (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 Source: “Labor Force Statistics from the Current Population Survey.
The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017.
Age
Employed
Unemployed
Not in Labor Force
(Thousands of People)
(Thousands of People)
(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
Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics.
What is the national unemployment rate?
2.7%
4.4%
7.4%
59.1%
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
Which of the following groups has an unemployment rate lower…
Suppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10.
What is the labor force participation rate (as a percentage, not decimals) for this economy? Use the numbers from Question above
Chapter 22 Solutions
Foundations of Economics (8th Edition)
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- Suppose 25-year-old Jennifer quit her job in the food service industry six weeks ago and has not worked since then. Suppose further that she submitted job applications at a bank and at a mortgage lending company two weeks ago, is currently waiting to hear back from both businesses, and is available to begin work immediately. According to the BLS household survey, Jennifer would be classified as Select one: OA. unemployed. OB. employed. OC. not in the civilian noninstitutional population. OD not in the labor force.arrow_forwardLevel of Education Number of Economically Active People (in millions) Number of Unemployed People (in millions) Master's degree 25.1 1.1 Bachelor's degree 57.6 3.4 Associate degree 23.8 19 Some college 52.4 5.2 High school diploma 59.6 6.4 Less than high school diploma 21.5 3.5 Determine the unemployment rates for all levels of education. Enter the answer for the category with the highest unemployment rate in the box below and round to one decimal place if necessary.arrow_forwardUnemployment and the Labor Force Suppose the civilian non-institutionalized working-age population is 35.9 million. Of these, 4.6 million are working part-time and 15.71 million are working full-time. Bureau of Labor Statistics (BLS) definitions are used for. calculating unemployment data. Among those not working, the most recent job-search activity for 3.20 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.86 million most recently looked for work five weeks ago, and the remaining 9.81 million who do not have jobs have not looked for work in the past six weeks. Round your answers to two decimal places. A) What is the size of the total labor force? B) How many people are unemployed? C) What is the labor force participation rate? D) What is the unemployment rate?arrow_forward
- In a country number of employed is 27 million, number of unemployed is 3 million and population(+16 years old) is 60 million. According to this; b) Calculate the labor force participation rate.arrow_forward123.) This question is based on the following information about Rugrats: (The data below represents only Rugrats, of Winnecut, who are over the age of 16.) 10,000 Rugrats live in Winnecut 7000 Rugrats are employed 2000 Rugrats are not employed and are not looking for work 1000 Rugrats are not employed, but are looking and available for work The labor force participation rate in Winnecut is: 12.5% 20% 70% 80%arrow_forwardThe following table shows UK labour market data for the first quarter of 2018 (all aged 16 and over, seasonally adjusted). Fill in the blank parts of the table. Male Female Total In employment (000s) 17 128 15 215 ILO unemployed (000s) 756 Total economically active (000s) 15 884 Percentage unemployed (%) 4.2arrow_forward
- The following data was extracted from a past labour force survey conducted by the ABS: Labour force: 12,092,000 Employment: 11,457,000 Working-age population: 18,462,000 Using the above data appropriately calculate the following: i. Unemployment rate. ii. Labour force participation rate. iii. Employment-to-population ratio.arrow_forwardThe unemployment rate is the percentage of the total work force that is not working but isarrow_forwardSuppose that the adult population is 210 million, and there are 130 million who are employed, and the unemployment rate is 7%. Calculate the labor force participation ratearrow_forward
- Using the following population and employment data for the United States (2000-2019), answer three questions. Total Population Labor Force (in (in thousands) Unemployment (in thousands) thousands) 282,434 142,583 5,692 285,545 143,734 6,801 288,600 144,863 8,378 291,049 146,510 8,774 293,708 149,401 296,639 149,320 299,801 151,428 302,045 153,124 304,906 154,287 307,007 154,142 309,438 153,889 311,663 153,617 154,995 155,389 155,922 157,130 159,187 160,320 162,075 163,539 udy Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 313,998 316,205 318,563 320,897 323,127 325,085 327,096 329,065 Instructions: Round your responses to one decimal place. If you are entering a number that is decreasing be sure to enter a negative sign (-) in front of that number. Between 2005 and 2010, by how much did a the labor force change? million b. unemployment change? million c. employment change? million ▬▬ E 8,149 7,591 7,001 7,078 8,924 14,265 14,825…arrow_forwardSuppose 2000 people were surveyed, and of those 2000, 900 were working full-time. Of the 1100 not working, 250 were full-time/not-working college students, 300 were retired, 300 were under 16 years of age, 150 decided not to work, and 100 were actively looking for work. 4. Find the number of non-labor force among the 2000 surveyed. 5. What is the unemployment rate (%) of among the 2000 surveyed?arrow_forwardHow is the unemployment rate calculated? labor force/work eligible x 100 unemployed / employed x 100 unemployed /100 (labor force - employed) / labor force x 100arrow_forward
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