Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 4IAPA
To determine
To list:
The events that increase the
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7.
Libby:
"The unemployment rate went up between May and June of 1991."
Michael:
"The number of people employed rose between May and June of 1991."
Libby and Michael seem to be contradicting each other, but both of their claims are
correct. Explain why these statements aren't contradictory?
In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 143,322,000 were employed, 12,332,000 were unemployed, and 89,008,000 were not in the labor force. Use this information to calculate:
a. The adult population
b. The labor force
C. The labor-force participation rate
d. The unemployment rate
Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this
economy is 10.4 percent, and the labor force participation rate is 72.5 percent.
a. What is the size of the labor force?
b. How many people are unemployed?
c. What is the size of the working-age population?
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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- 16 Every economy comprises of people who are out of the labor force. “Out of the labor force” is an economic term that refers to _______. a. Children below the age of 14 b. People who are retired c. All of the options d. People who are not ready to workarrow_forwardSuppose that the adult population in the country of Atlantis is 115 million. If 80 million people are employed and 5 million are unemployed, then Question 5 options: a 35 million are in the labor force. b 35 million are not in the labor force. c 75 million are in the labor force. d 30 million are not in the labor force.arrow_forwardWhich of the following people would be unemployed (or belonging to any labor market group) according to official statistics? Shortly explain why or why not. (a) A person who is home painting the house while seeking a permanent position as an electrician. (b) A full-time student. (c) A recent graduate who is looking for a job. (d) A parent who decides to stay home taking care of children full time.arrow_forward
- 2) a. How is the labor force defined and who measures it? The U.S. Bureau of Labor Statistics (BLS) measures the labor force as people over 18 years of age who are employed and those who are actively seeking work. The U.S. Labor Commission (USLC) measures the labor force as people over 18 years of age who are employed and those who are actively seeking work. The U.S. Bureau of Labor Statistics (BLS) measures the labor force as people over 16 years of age who are employed and those who are actively seeking work. The U.S. Bureau of Employment (USBE) measures the labor force as people over 16 years of age who are employed and those who are actively seeking work. b. The unemployment rate is the number of unemployed persons divided by the labor force. proportion of the adult population looking for work. ratio of the number of working adults divided by all adults. number of adults divided by the labor force. c. If the…arrow_forward1. 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 hours 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 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. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate.arrow_forwardProblem 3 Given that: The number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4%. The labor force participation rate is 72.5%. a. What is the size of the labor force? b. How many people are unemployed? c. What is the size of the working-age population?arrow_forward
- Learning Activity 8.1 Question 1 Let’s assume that a country in the Caribbean reports the following labour statistical data to its citizen in 2011. Labour force: 140,200 Individuals under 16 years: 12,400 Employment: 132,700 Imprisonment: 980 Working age population: 210,900 Armed forces: 18,600 Use the information given to calculate the following: (a) Unemployment rate (b) Labour force participation rate (c) Employment to population ratio Institutionalized population ratio (d) Not in the labour force (e) Working age population ratioarrow_forward19. Which of the following represents people who are willing and able to work in an economy? a.Population b.Employed people c.Labour force d.Unemployed peoplearrow_forwardQuestion 1 – Below are some hypothetical statistics for a country in September 2020. Compute the unemployment rate for that month (all figures are in thousands). Population 332,454 Working age population 260,776 Participation Rate 71.4% Employed 173,905 Question Your Answers & Calculations What is the size of the labour force in this economy? What is the unemployment rate in this economy? What is the employment rate in this economy? Suppose that 2500 of the unemployed people stop searching for work. What is the unemployment rate now? Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case? (Assume there are no discouraged worker from the above question)arrow_forward
- The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is million hours. Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 20 19 18 17 16 Real GDP (millions of 2012 dollars) 100 195 285 370 450 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 25 10 5arrow_forwardIf you are out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greeter at Wal-Mart are you considered employed or not in the labor force?arrow_forwardSuppose the Bureau of Labor Statistics interviews 196,700 people in its monthly survey; 94,500 are not in the labor force, 91,150 are employed, 8,870 are unemployed, and 2,180 are in the armed forces. a. What is the size of the U.S. labor force? b. What is the unemployment rate the BLS announces? What is the employment rate? c. What is the U.S. civilian population? d. What is the labor force participation rate the BLS announces? e. Search the historical data of the U.S. unemployment rate and the labor force participation rate. How are the rates you calculated compared to the U.S. historical data since the 1950s?arrow_forward
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