Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 8, Problem 7CQ
(a)
To determine
Calculate the labor force participation rate.
(b)
To determine
Calculate the
(c)
To determine
Calculate the employment/ population ratio.
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Using the following data calculate:(iv) The Labour Force Participation rate.(v) The “official” unemployment rate
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 hrs 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
c) Suppose that 20,000 of the employed switch to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the “true” unemployment rate.
(d) explain the…
The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 Source: “Labor Force Statistics from the Current Population Survey.
The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017.
Age
Employed
Unemployed
Not in Labor Force
(Thousands of People)
(Thousands of People)
(Thousands of People)
16 to 19 years
5,074
827
10,853
20 to 24 years
14,132
1,127
6,137
25 to 54 years
98,833
3,850
23,014
55 to 64 years
26,064
835
14,792
65 years and over
9,234
343
39,964
Total
153,337
6,982
94,759
Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics.
What is the national unemployment rate?
2.7%
4.4%
7.4%
59.1%
Complete the following table by computing the unemployment rate for each age group.
Age Unemployment Rate
16 to 19 years
20 to 24 years
25 to 54 years
55 to 64 years
65 years and over
Which of the following groups has an unemployment rate lower…
Chapter 8 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- Using the following population and employment data for the United States (2000-2019), answer three questions. Total Population Labor Force (in (in thousands) thousands) 282,434 142,583 285,545 288,600 291,049 293,708 296,639 299,801 302,045 304,906 307,007 309,438 311,663 313,998 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 316,205 318,563 320,897 323,127 325,085 327,096 329,065 % 143,734 144,863 146,510 149,401 149,320 151,428 153,124 154,287 154,142 153,889 153,617 154,995 155,389 155,922 157,130 159,187 160,320 162,075 163,539 % Unemployment (in thousands) 5,692 6,801 8,378 8,774 8,149 7,591 Instructions: Enter your responses as a percentage rounded to one decimal place. In 2019, % 7,001 7,078 a. what percentage of the labor force was employed? 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 b. what percentage of the labor force was unemployed? Q Search c. what percentage of the total population…arrow_forwardUsing 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 hrs 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 5454 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalized (c) suppose that 20,000of tghe employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not workingnand not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the "true" unnemployment rate. (d) Illustrate and carefully explain the impact of an increase in the…arrow_forwardUsing 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 hrs 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 5454 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalized (iv) The labour force Participation rate (v). The "official" unemployment rate Type answer pleasearrow_forward
- 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 hrs 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 5454 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. Type answer pleasearrow_forwardLabour 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: Unemployment rate, Labour force participation rate, Employment to population ratio, Institutionalized population ratio, Not in the labour force, Working age population ratioarrow_forwardSuppose the population of a fictional economy falls into the following categories: 28 million are retired or homemakers; 30 million have full-time employment; 24 million have one part-time job; 28 million have two part-time jobs; 12 million do not have employment, but are actively looking for employment; and 20 million would like employment but do not have employment and are not actively looking for employment. 5 million are under the age of 10. What is the labor force participation rate (as a percentage, not decimals) for this economy? Use the numbers from Question abovearrow_forward
- Using the following data calculate: (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 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 hrs 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 The current population is 6,000,000 5654 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalizearrow_forwardIn a country number of employed is 27 million, number of unemployed is 3 million and population(+16 years old) is 60 million. According to this; b) Calculate the labor force participation rate.arrow_forwardUsing the following data calculate: (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. 987,156 Currently Working 9845 (ages 13-14) looking for work 45,600 Part-Time workers 234 Self-Employed 67,432 (ages 23-25) looking for work 544,321 (ages 16-20) looking for work 5654 Temp Workers 543 recent university gràduates that are going back to graduate school 23,000 volunteer workers 12,000 (ages 15) looking for work 56 family workers who worked 15 hrs a week 6543 Discouraged Workers 67,890 laid off receptionists looking for work Current population is 6,000,000 5000 armed forces 3500 institutionalizedarrow_forward
- Here is some data for an economy. Population: 22.5 million Population under the age of 16 years: 7.5 million Discouraged workers: 250,000. Retired people: 1 million Structurally unemployed people: 320,000 Frictionally unemployed people: 220,000 Cyclically unemployed people: 2.2 million The labour force participation rate can be calculated as [(# in Labour Force) / (Adult Population)] *100. Based on this formula, what is the approximate labour force participation rate in this economy? Answers: 91.7% 100% 93.3% 98.3%arrow_forwardWhich of the following statements is correct? A) Employment rate + unemployment rate = 1 B) Participation rate = labour force / population of working age C) Employment rate = employed / labour force D) Unemployment rate = unemployed / employedarrow_forwardA country has a population of 160 million. Out of this population, the number of retired people is 23 million, the number of people below working age (under 16 years) is 39 million, and the number of people under different types of institutional care is 1.5 million. In this country, the number of the employed amount to 75 million people and the unemployed amount to 4 million people. Calculate the following and show your work Working-age population Unemployment rate The economic activity rate Employment ratearrow_forward
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