Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971509
Author: N. Gregory Mankiw
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 4PA
To determine
Employed and unemployed
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Between January 2010 and January 2016, U.S. employment increased by 12.1 million workers, but the number of unemployed workers declined by only 7.3 million. How are these numbers consistent with each other? Why might one expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people employed?
During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force. What’s the unemployment rate? What share of population is in the labor force? (Show your work in your answer.)
Chapter 15 Solutions
Principles of Macroeconomics (MindTap Course List)
Ch. 15.1 - Prob. 1QQCh. 15.2 - Prob. 2QQCh. 15.3 - Prob. 3QQCh. 15.4 - Prob. 4QQCh. 15.5 - Prob. 5QQCh. 15 - Prob. 1CQQCh. 15 - Prob. 2CQQCh. 15 - Prob. 3CQQCh. 15 - Prob. 4CQQCh. 15 - Prob. 5CQQ
Ch. 15 - Prob. 6CQQCh. 15 - Prob. 1QRCh. 15 - Prob. 2QRCh. 15 - Prob. 3QRCh. 15 - Prob. 4QRCh. 15 - Prob. 5QRCh. 15 - Prob. 6QRCh. 15 - Prob. 7QRCh. 15 - Prob. 1PACh. 15 - Prob. 2PACh. 15 - Prob. 4PACh. 15 - Prob. 5PACh. 15 - Prob. 6PACh. 15 - Prob. 7PACh. 15 - Prob. 8PACh. 15 - Prob. 9PACh. 15 - Prob. 10PA
Knowledge Booster
Similar questions
- The total adult, working-age population in January 2017 was 254.1 million. Out of this total population, 152.1 million were classified as employed, and 7.6 million were classified as unemployed. The remaining 94.4 million were classified as out of the labor force. As you will learn, however, this seemingly simple chart does not tell the whole story. Discuss what the unemployment rate is telling us. Explain what the unemployment rate does not tell us regarding the economy, or the health of the economy. What might we miss if we try to judge the economy based only on the unemployment rate?arrow_forwardIn the year 2020, total number of employed was 1,700. There are 110 who were frictionally unemployed, and 70 who were cyclically unemployed. Total number of unemployed was 420. Determine the number of people structurally unemployed for the year 2020. Your Answer:arrow_forwardCounting the unemployed? We could measure the extent of unemployment by a count (the number of people who are unemployed) or by giving a rate (the percentage of the labor force that is unemployed). The number of people in the labor force grew from 107 million in 1980, to 126 million in 1990, to 143 million in 2000, to 154 million at the end of 2007. Use these facts to explain why the count of unemployed people is not a valid measure of the extent of unemployment.arrow_forward
- Identify what happens to unemploymentarrow_forwardSuppose the number of employed people in Pakistan is 20.5 million. The unemployment rate in this economy is 8.8 percent, and the labor force participation rate is 65 percent. What is the size of the labor force and working-age population? How many people are unemployed? Explain and analyze different government policies which affect the unemployment rate in Pakistan? ( Maximum 200 words). Before June 2020, the labor market in Pakistan was at equilibrium with an equilibrium wage (WE) of Rs. 15,000 and equilibrium quantity of labor (LE) 10 million. In the last week of June, 2020, government of Pakistan imposed a minimum wage Act raising the minimum wage to Rs. 20,000. Using a graph, explain the effect of imposition of minimum wage on unemployment in labor market of Pakistan .arrow_forwardWhen the following events happen, does the unemployment rate rise (R), fall (F), or stay the same (S)? just write the letter (R,F,S) next to the question Workers are laid off and start looking for work. People without jobs who are looking for work find work. People without jobs and looking for work give up and stop looking. People without jobs and not looking for work become encouraged and decide to start looking for work.arrow_forward
- Determine the labor market status of each of the following people. If they are unemployed, can they be considered long-term unemployed? a. Demetrius is a voice-over actor. He has a gig this week, but next week he’ll have to start auditioning for new roles. b. Alejandra is laid off and has to take a part-time retail job because she can’t find a full-time job. She is spending her extra time learning how to code. c. Kathryn quit her job when it was relocated too far away from her family. She has been looking for work for eight months, but so far hasn’t been called in for an interview.arrow_forwardSuppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or .104, and the labor force participation rate is 72.5 percent, or .725. What is the size of the labor force? How many people are unemployed? What is the size of the working-age population?arrow_forwardWho reports the official U.S. unemployment rate? How frequently is the survey that determines unemployment released?arrow_forward
- In 2014, the adult population was 105 million, the number of employed was 65 million, and the number of unemployed was 4.5 million. From 2014 to 2015, 2 million of employed workers became unemployment, 1.2 million of unemployed workers became employed, and 0.5 million of the unemployed workers became discouraged searchers. How many people were in the labour force in 2015? What was the unemployment rate in 2015?arrow_forwardA person who has been fired is not considered unemployed? True or Falsearrow_forwardSuppose you live in a community of 5,000 people where everyone wants to work and seeks employment. If 4,000 people are over 16 years old and 3,000 of them are employed, what is the unemployment rate in this community?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning