Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 2P
To determine
Size of the U.S labor force and the
Introduction:
Size of labor force refers to the total number of people in the working age group available for work. It is determined by multiplying the labor force participation rate by the total population.
Unemployment rate is the proportion of the unemployed people in the country. It is determined by dividing the number of unemployed people by the labor force.
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1.1 (Measuring Unemployment) Determine the impact on each of the following if 2 million formerly unemployed workers decide to return to school full time and stop looking for work:
a. The labor force participation rate
b. The size of the labor force
c. The unemployment rate
(Measuring Unemployment) Suppose that the U.S. noninstitutional adult population is 230 million and the labor force participation rate is 67 percent.
a. What would be the size of the U.S. labor force?
b. If 85 million adults are not working, what is the unemployment rate?
(Measuring Unemployment) Suppose that the U.S. non-
institutional adult population is 230 million and the labor
force participation rate is 67 percent.
a. What would be the size of the U.S. labor force?
b. If 85 million adults are not working, what is the unem-
ployment rate?
Chapter 7 Solutions
Econ Macro (book Only)
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- Under what condition would an increase in the unemployment rate be a positive sign?arrow_forwardWhat is the difference between being unemployed and being out of the labor force?arrow_forwardQuestion 8 ABC Country has 1,289,902 unemployed and a labor force of 4,379,233. What is the unemployment rate for ABC Country?arrow_forward
- HFC Online Video Tutorial 1. What would the unemployment rate be if, in an economy, there were 10 million unemployed individuals, 118 mitlion employed individuals, and 64 million individuals not in the labor force? A) 5.2% B) 3.9% C) 7.8% D) 5.5% 2. What would the labor force participation rate (LFPR) be if, in an economy, there were 10 million unemployed individuals, 110 millíon employed individuals, and 60 million individuals not in the labor force? A) There is not enough information to calculate the LFPR B) 200% C) 64.7% D) 66.7% 3. Which single word below most nearly captures the definition of GDP? A) Consumption B) Labor C) Output D) Prices 4. If unemployed workers become discouraged and stop looking for work, dropping out of the labor force, the unemployment rate: A) remains unchanged. B) falls. C) may rise or fall, depending on other factors. D) rises. question 1: question 2: question 3: 30 F2 F3 DII F4 F5 F6 F7 FB @ 23 24 & 4 7 Q W E ∞ * > < COarrow_forwardUNEMPLOYMENT RATE, 2019 (percent) 40 36 32 28 24 20 16 12 4 27 Adult males 5.4 White Black 3.8 Hispanic b. were employed? Adult females 4.7 2.8 White Black 47 Hispanic 11.5 White Teenagers 20.7 Black 14.5 Hispanic 3.7 National average Instructions: Enter your responses as a whole number. In 2019, how many of the 14,000,000 adult Hispanic males who participated in the labor market a. were unemployed? c. would have been employed if they had the same unemployment rate as adult white males?arrow_forwardHawaiian Airlines hires 100 workers, plans to add 170 more Hawaiian Airlines will hire more workers as it expands its fleet. The new hirings are a welcome sign for Hawaii's economy, which lost jobs during the year to May 2009 as the state's unemployment rate rose from 4% to 7%. The labor force was 602,000 in May 2009 and 622,600 in May 2008. Source: USA Today, August 18 Calculate the change in the number unemployed between May 2008 and May 2009. The number unemployed in May 2008 is The number unemployed in May 2009 is The change in the number unemployed between May 2008 and May 2009 is of Enter your answer in each of the answer boxes. MacBook Air DD F11 F12 000 000 F10 80 F8 F9 F6 F7 F5 F4 esc F2 F3 F1 & @ # $ ! 7 8 3 4 5 1 Y [ Q W E tab G H J Karrow_forward
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