Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 24, Problem 8SPPA
To determine
To explain:
The impact on employment, real wage rate and potential GDP if the immigrants return to their countries.
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The table below shows labor data for a country named Zhouland. Answer the following questions:
Age (years)
Have a full time job
Have a part time job
Don't have a job but are looking for one
Don't have a job and are not looking for one
Total
<10
150
150
10-15
135
135
16-20
120
30
75
80
305
21-30
20
50
25
20
115
31-50
80
100
55
40
275
51-70
250
50
150
100
550
>70
60
40
30
170
300
[a] What is the size of the labor force in the above economy?
[b] Calculate the unemployment rate for this economy - up to 2 decimal points.
[c] Calculate the employment rate for this economy - up to 2 decimal points.
[d] Calculate the labor force participation rate for this economy - up to 2 decimal points.
In Country X, the population is 100 million, 60 million people are employed, 5 million are not employed and looking for work, and
35 million are not employed and not looking for work.
What is the labor force in Country X? (Write your answer in millions. If your calculation yields 10,000,000, write 10)
What 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 higher
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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- Economists use labour-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retireesarrow_forwardWhat is being done to end unemployment in the U.S.arrow_forward1. which of the following has caused a reduction in the demand for less-skilled and less-educated workers in the United States? Group of answer choices Nationalization Globalization Standardization Decentralizationarrow_forward
- Economists define the labor force to include only people who are working full time. people who are working. people who are not working but are actively looking for a job, and people who are working. all individuals of work age, regardless of whether they are working or looking for a job.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_forwardA______ is a person who was employed in the civilian labor force and was either fired or laid offarrow_forward
- Zandaland is a country with a population of 110 million. Out of this population, the number of retired people is 14 million, the number of people below working age (under 16 years) is 20 million, and the number of people under different types of institutional care is 1 million. In this country, employment amount to 55 million people and unemployment amount to 3 million people. Calculate the following and show your work: Working-age population Unemployment rate The economic activity rate Employment ratearrow_forward28. Older workers are: A. Much more likely to migrate than younger workers because older workers have lower moving costsB. Much less likely to migrate than younger workers because older workers are more likely to have children at homeC. Much more likely to migrate than younger workers because older workers have lower implicit costs of migratingD. Much more likely to migrate than younger workers because younger workers have stronger roots and ties to the local communityarrow_forwardGiven the data below: Total adult population over the age of 16 249.9 million Employed 148.3 million Unemployed 8.7 million Calculate the size of the labor force in millionsarrow_forward
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