In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part- time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 1 of 7) What was the real GDP per capita in 2010? (report your answer up to 2 decimal places)

In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part- time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 1 of 7) What was the real GDP per capita in 2010? (report your answer up to 2 decimal places)

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter6: Business Cycles And Unemployment

Section: Chapter Questions

Problem 19SQ

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In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 3 of 7) What was the labor productivity in 2010? (report your answer up to 2 decimal places)
In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 5 of 7) Now, consider that at the beginning of 2011, the government implemented a five-year economic growth plan- a set of policies aimed at encouraging foreign investment in the information technology industry. The shift towards the information technology industry impacted the labor market. In addition, initial spillover effect from these investments includes changes in the…
In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 7 of 7) Now, consider that at the beginning of 2011, the government implemented a five-year economic growth plan- a set of policies aimed at encouraging foreign investment in the information technology industry. The shift towards the information technology industry impacted the labor market. In addition, initial spillover effect from these investments includes changes in the…
In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 5%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-time (underemployed) workers. In 2010, the total population was 10 million with an adult population of 7.8 million, and real output for the year was $270 billion. In the same year, 4.5 million people were employed, 1.5 million people were part-time workers, and 300,000 people were unemployed. Furthermore 400,000 individuals stated that they were discouraged from searching for a job. (Question 6 of 7) Now, consider that at the beginning of 2011, the government implemented a five-year economic growth plan- a set of policies aimed at encouraging foreign investment in the information technology industry. The shift towards the information technology industry impacted the labor market. In addition, initial spillover effect from these investments includes changes in the…
In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. Although workers prefer full-time jobs, all industries have a combination of full-time and part- time (underemployed) workers. In 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. In the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and 400,000 people were unemployed. Furthermore 300,000 individuals stated that they were discouraged from searching for a job. (Question 2 of 7) What was the U-3 unemployment rate in 2010? (report your answer up to 2 decimal places)
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According to the Census Bureau, the US working-age population in July 2017 was around 326 million. At the same time, the labor force was 203.75 million, and the total number of people employed was 195 million. According to these numbers, the US labor-force participation rate and unemployment rate in July 2017 were: 62.5% and 2.7 % 95.7% and 2.7% 62.5% and 4.3 % 59.9% and 4.3 %
Suppose 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 above
in 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%
In a given community, the unemployment rate is 4% and their working-age population is 930,000. Labor force participation was 81% in this community in December of 2009. In January 2010 a new social security policy was implemented, allowing people to retire and collect their social security benefits earlier than expected. 200 thousand older workers retired at the end of January due to the new policy. Further, 2000 senior citizens that were out of the labor force (in December) started collecting their social security retirement benefits in January due to their past contributions. What is the Unemployment rate in February assuming everything else was fixed at their December values?
Consider a small economy composed of six people: Tim, Alyssa, Brian, Crystal, Hilary, and Edison. Each person's employment status is described in the following table. Based on the criteria used by Statistics Canada, identify each person's status as Employed, Unemployed, "Not in the labour force" if not in the labour force but still part of the adult population, or "Not in the adult population" if not in the adult population. Person Tim is a 72-year-old professor. He teaches only one or two courses a year, but he's still pursuing an active research agenda. Alyssa is a 40-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. Brian is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that, a couple of months ago, he gave up on his job search. Hilary is a 31-year-old science teacher who taught at Okanagan Middle School last year. Due to budget cuts, she was laid off at the end of…