Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 6P
To determine
Examples of technological change that has led to
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he table below shows the data for males and females age 16 and over in the country of Scoob in 2020.
Not in labor force
Men
45 million
Women
35 million
Unemployed
Men
5 million
Women
5 million
Employed
Men
85 million
women
65 million
What was the total labor force of Scoob in 2020?
Briefly explain discuss the different types of unemployment and the differentmethods used to measure it them.
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 retirees
Chapter 8 Solutions
Econ Macro (book Only)
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- Q4a You are given the following data on the annual earnings of residents on Examland, according to the 2020 census. The average earnings of native born workers are $42,500. The average earnings of workers to migrated to Examland between 2015 and 2019 are $39,600. And the average earnings of workers who migrated to Examland between 2010 and 2014 are $41,250. Calculate the entry effect on earnings. Express your answer both in dollars and as a percentage of native- born earnings.arrow_forwardSuds and Duds Laundry washed and pressed the following number of dress shirts per week: Week 1 2 3 4 5 Work Crew Sud and Dud Sud and Jud Sud, Dud, and Jud Sud, Dud, and Jud Dud and Jud a. For the given information, the labor productivity per hour for each week is (enter your responses rounded to two decimal places): Week 1 2 3 4 5 Total Hours 23 44 62 57 44 D ☐☐☐☐☐ Shirts 69 138 158 123 133 Productivity Per Hourarrow_forwardEconomists use labor-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 (calculated as the percentage of the adult population that is employed). 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? Situations unemployment rate employment–population ratio More meaningful one 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.…arrow_forward
- Briefly describe what economists do and their typical working conditions.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_forwardQuestion 1 Identify which of the following people are categorised as part of the labour force. #1 Christopher is a freelance writer working on multiple projects. # 2 Peter is a high school student who helps out at his mother's restaurant. # 3 Anna serves in the military force for her country. #4 Susan is a stay at home parent who sometimes helps her neighbours with lawn mowing. However, she does not want to find a full-time job. Next > MacBook Air O00 000 F4arrow_forward
- Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?arrow_forwardIf you an? 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 greater at Wal-Mart are you considered employed or not in the labor force?arrow_forwardYou are given the following data on hourly wage rates for the Canadian manufacturing sector and on the consumer price index (CPI): Year 1985 1990 1992 1995 2000 2003 Average hourly rate $11.59 $14.19 $15.38 $16.19 $18.29 $19.70 CPI 75.0 93.3 100.0 104.2 113.6 122.3 Construct the index of real hourly wages for the years given, starting with 1985 and ending with 2003. Use 1992 as the base year. What is the percentage change in the average hourly nominal wage between 1985 and 2003? What is the percentage change in the average hourly real wage?arrow_forward
- Define and explain the Theory of Wages and what are the relationship with the productivity and economic of wealth, please explain with a graph.arrow_forwardCalculate the change in real wagearrow_forwardUse the graph to answer the following question. Median Annual Earnings of Full-Time, Year-Round Workers Ages 25-34, by Educational Attainment: 2019 Delars S0.000 0.000 S70.000 70.000 S50,700 60.000 $55,700 S0.000 $44700 S31,700 $40.000 40,000 S35.000 $29,300 30.000 20.000 10.000 Some college, no degree Assodale's degree Bachelor degree Masters or higher degree Al educational Less than High school completion Total ettainment levels high school completion Bachelor's or higher degree Educational atainmest Which of the following statements is supported by the information in the graph? O A. High school graduates earn an average income. B. Investing in education leads to a higher standard of living. O. C. Education has little impact on the earnings of workers. O D. The costs of post-secondary education are greater than the benefits. 7 8 9. 4. W e m b n altarrow_forward
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