This ConcepTest has 4 questions. Use the labor statistics data in the table below to answer questions 1-3. Assume that 4 million unemployed individuals become "discouraged" and decide not to look for a job anymore. Adult Population (millions) 220 Unemployed (millions) 12 Employed (millions) 135 1. What was the unemployment rate before and after the 4 million unemployed individuals became discouraged? Labor Force = Unemployed + Employed 1,200,000 + 1,350,000 = 1,550,000 2. What was the labor force participation rate before and after the 4 million unemployed individuals became discouraged?
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This ConcepTest has 4 questions. Use the labor statistics data in the table below to answer questions 1-3. Assume that 4 million unemployed individuals become "discouraged" and decide not to look for a job anymore. Adult Population (millions): 220 Unemployed (millions): 12 Employed (millions): 135 1. What was the unemployment rate before and after the 4 million unemployed individuals became discouraged? Labor Force = Unemployed + Employed 2. What was the labor force participation rate before and after the 4 million unemployed individuals became discouraged?
Andrew D.
The nation of Cliffordia has a working-age population of 200 million people. Currently, 100 million people have full-time jobs and another 35 million people have part-time jobs. Of the 25 million people who would like a job but are not currently employed, 15 million are actively engaged in searching for a job while 10 million have given up looking for a job. 1. How many people are currently in the labor force of Cliffordia? 2. Calculate the labor force participation rate. Show your work. 3. What is the total number of people counted as unemployed? 4. Calculate the unemployment rate. Show your work. 5. Suppose that the 10 million people who have given up looking for a job suddenly all decide to start looking for a job. Calculate the new number of people in the labor force. 6. If these 10 million people enter the labor force, will the new unemployment rate be greater than or less than the unemployment rate you calculated in question #4? Explain your reasoning. 7. Explain why the change in the unemployment rate in question #6 exemplifies one of the main criticisms of the unemployment rate.
Azat N.
The table below shows unemployment and labor force statistics for an economy: Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of people discouraged workers 2 million Calculate the size of the labor force Calculate the labor force participation rate. Show your work: Given the state of the economy described in the table; is actual real output less than, greater than, or equal to potential real output? Explain: Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent: Show your work: Suppose discouraged workers reenter the labor force and find employment: Will the actual rate of unemployment increase, decrease, or stay the same?
Akash M.
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