Suppose that the employment rate is 55.0% and unemployment rate is 5.0%. What is the participation rate? (Submit your answer in percent terms with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.
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- Suppose that the employment rate is 61.0% and unemployment rate is 5.0%. What is the participation rate? (Submit your answer in percent terms with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)< Consider an economy that initially has a labor force of 1,000 workers. Of these workers, 950.0 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor. The total number of hours worked per week is 38000 (Round your answer to the nearest whole number). The total output per week is 380000 (Round your answer to the nearest whole number). The unemployment rate is 5% (Round your answer to one decimal place). The economy enters a recession. Employment falls by 4%, and the number of hours per week worked by each employed worker fails by 2%. Employment is now 912 (round to the nearest whole number), and the total number of hours worked per week is now 35,750.4 (round your answer to one decimal place). In addition, 2.0% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force. The size of the labor force is now (Round your answer to the nearest whole number) The number of workers unemployed is ☐ (Round…Consider an economy with 150M residents. Of the 150M people there are: 20M under 16 80M employed people • 10M unemployed people a) What is the unemployment rate? 11.1 % b) What is the labor force participation rate? 69.2 For both answers round your answer to the nearest tenth of a percent (i.e. .0625 would be entered as 6.3%) %
- ← Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of $1,905 in 1989 and that the CPI index was 116 in 1989. If the CPI index was 223 in 2009, then the cost of tuition in 2009, as the result of inflation, would equal $ Suppose that the actual average cost of tuition in 2009 was $7,058. Relative to the expected cost computed above, the cost of tuition increased by (Enter your response rounded to the nearest whole number.) the amount of inflation.If the unemployment rate is 6 percent and the number of persons unemployed is 6 million, then the number of people employed is equal to:In a town of 800 people there are 120 children under the age of 16, 76 retired people, 92 people with part -time jobs, 37 full-time students, and 21 people who watched their children fulltime. There were 154 people without work who gave up looking for a job. Everyone else either had a full-time job or was actively searching for one, and the labor force participation rate is 57.6 %. If fthe unemployment rate is 12.5%, what is the number of full-time employed people?
- Minimum wage had been increased from $12.5 in 2013 to $15 in 2014. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the three years, determine whether the increased minimum wage had the expected impact? Justify your response. Year 2013 2014 2015 Unemployment (%) 3.7 3.3 3.4 Inflation (%) 5.2 5.7 4.7 Economic Growth (%) 2.23 -0.91 1.82 In responding start by explaining what you expect to happen to the three variables due to the increase in the minimum wage then discuss what you are seeing based on the data. Finally conclude by discussing if what you are seeing is in line with expectations. You can also provide a reason why it did or didn't match up with expectations.Minimum wage had been increased from $12.5 in 2013 to $15 in 2014. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the three years, determine whether the increased minimum wage had the expected impact? Justify your response. Year 2013 2014 2015 Unemployment (%) 3.7 3.3 3.4 Inflation (%) 5.2 5.7 4.7 Economic Growth (%) 2.23 -0.91 1.82in the United States, the adult population is 160.5 million, the labor force is 75.6 million, and the number of people employed is 70.2 million. According to those numbers, the United States labor force participation rate and unemployment rate are about 43.7% and 2.12% 47.1% and 7.1% 43.7% and 7.796 90.8% and 7.1%
- c) Now, suppose the inflation from 2012 to 2013 was 11.2%. Given that the CPI for this basket of goods was 155.3 in 2012, find the CPI in 2013. Round to 2 decimal places. The CPI of the basket of goods in 2013 was 172.69 . (d) Use your (rounded and correct) answer from part (c) to complete the following. The price of this market basket of recreational water equipment on Echo Island was $255 in 2009 (the base year). Then, the price of the same market basket in 2013 was $ (round to the nearest cent).Convert the nominal wage rates in the following table to real wage rates. The formula is Real = (Nominal/Price Index) x 100. In the table below, the CPI or Consumer Price Index is the Price Index to use in the formula. When you are converting a nominal number into a real number, getting rid of the effects of inflation, your resulting real number should be in the same units as the original nominal number. It should also be in the same general magnitude, unless you are going back hundreds of years of looking at a country that has experienced unusually high rates of inflation. In other words, when you convert the nominal wage rate of $7.25 into a real wage rate, you should come up with something close to $7.25, such as $4.04 or $9.56. If you get an answer of $.04, then you know you made a mistake. 1976 1981 1989 1997 2006 2010 Nominal Minimum Wage $2.30 $3.35 $3.35 $5.15 $5.15 $7.25 CPI 56.9 90.9 124.0 160.5 201.6 219.2 Real…Suppose that in a population of 200 million persons, 150 million are in the labor force and 120 million are employed. Then the unemployment rate for this economy is: A) 20 percent B) 40 percent C) 60 percent D) 80 percent
