Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 24, Problem 5IAPA
To determine
To list:
The events that raises the real wage rate and the events that lowers the real wage rate.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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
1. 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.
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Labor Market In each of the following scenarios, use the market chart for auto workers to find the effect to wages and the number of car workers employed. a. Baby Boomers in the automotive industry are retiring. b. The shift in demand for cars in Indonesia is driving increased labor and productivity in Indonesia car industry. Explain with pictures that wages are a representation of labor productivity.arrow_forward16 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_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? Blackview A80Pro Quad Cameraarrow_forward
- 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?arrow_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_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
- Which 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_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_forwardLearning 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_forward
- An unemployed person is A person who wants a to work but does not look for oneA person who is actively seeking a paid jobA university graduateA volunteer who does charity workarrow_forwardWhat is the impact on the labour market due to the arrival of a boatload of Haitian migrants? Select one: a. labour demand shifts to the left; wage rate decreases and level of employment decreases b. labour demand shifts to the right; wage rate increases and level of employment increases c. labour supply shifts to the left; wage rate increases and level of employment is lower d. labour supply shifts to the right; wage rate decreases and level of employment is higherarrow_forward2) 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_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning