Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 5P
To determine
Impact of technological change on
Introduction: Technological unemployment is the loss of jobs caused by technological change. Such change typically includes the introduction of advanced machines which saves labor hours. The change in technology can cause short-term job losses.
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(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?
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(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-
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Econ Macro (book Only)
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- 4. Suppose the unemployment rate is 11%, the total working-age population is 110 million, and the number of unemployed is 15.5 million. Determine: (a) The participation rate. (b) The size of the labor force. (c) The number of employed workers. (d) The Employment-Population rate.arrow_forward(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 ratearrow_forward(12.)what impact does inflation have on the value of business ?arrow_forward
- Question 5 Year Economic Growth (%) 2010 2011 2012 2013 2014 2015 2.7 1.7 1.3 2.7 2.5 1.9 Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3 Examine the data on the economic growth and unemployment rate for 2010-2015 What trends do you observe in the unemployment rate? In economic growth? Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship) Use the data to justify your choice. Does the relationship observed in part 2 satisfy the economists' view of the relationship between economic growth and unemployment? Use references to support your answer. (1) (ii) (iii)arrow_forward4. (Technological Change) Does technological change create unemployment? What’s the evidence?arrow_forward(International labor movements) Consider two countries, Home and Foreign. Both countries use two factors of production, capital and labor, to produce only one good. The capital supply in each country and the technology of production are exactly the same. The marginal product of labor in each country depends upon employment as follows: MPL = 40- L Initially there are 20 workers employed at Home and 10 at Foreign. a. Compute algebraically the wage rate in both countries if labor is not allowed to move between countries. Show it in a graph. b. Compute algebraically the equilibrium wage rate and employment in both countries if labor is allowed to migrate from one country to the other. Explain the migration pattern. Show it in a graph.arrow_forward
- 3. As the baby boomer generation retires, what should happen to wages and employment? Can you show this graphically? (draw it)arrow_forward(21) Carla just started her new job working at the Department of Commerce. In order to see whether Carla “knows her stuff,” her boss asks her to put together a presentation on the current state of the economy. What economic indicators should Carla look at? Select one: a. The unemployment rate, business profits, and auto sales. b. The growth rate of real GDP, employment in the steel industry, and Oil prices. c. The inflation rate, the unemployment rate, and the growth rate of real GDP. d. The inflation rate, the unemployment rate in Georgia, and mortage interest rates in Texas. (22) Price ceilings typically result in ________. Select one: a. shortages b. price equilibrium c. excess supplyarrow_forwardAutomated for the people Automation risk by job type, % 10 20 30 40 50 60 Food preparation Construction Cleaning Driving Agricultural labour Garment manufacturing Personal service Sales Customer service Business administration Information technology Science & engineering Healthcare Hospitality & retail management Upper management & politics Teaching Source: OECD Economist.com Looking at the chart above Describe how technology is projected to affected the demand and supply of workers. Which industries are project to replace workers with machines?arrow_forward
- (Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? Number of Workers Per Year 4 5 6 7 8 $21,200 $2,200 $110,000 $45,000 Number of Books Edited Per Year 16,000 19,000 21,200 22,800 23,700 24,200arrow_forward(Please, explain with graph) A consumer, who is initially a lender, remains a lender even after a decline in interest rates. Is this consumer better off or worse off after the change in interest rates? If the consumer becomes a borrower after the change is he better off or worse off?arrow_forward2007. 2. The data below shows the number of births, deaths, emigration and immigration for a countly m 200 Births 10,000 Deaths 3,000 Emigration 4,000 Immigration 7,000 If the total population at the beginning of the year was 104,000, calculate the (a) total population at the end of the year. (b) percentage increase in population for the year. (c) birth rate. (d) death rate. (e) net migration. (f) natural growth rate. 9.arrow_forward
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