Suppose you live in a commumity of 100 peoplewhere everyowe is able and seeks to work. Iv 75people arve over 16 years old and 50 of them areemployed Calculate the unemployment vate in thiscommunity? what is the labor borce participationrate?

Unemployment Rate = Total Unemployed / Total Labor Force * 100 Labor Force Participation Rate =…

Answered: Suppose you live iw a community of 100…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 35CTQ: While unemployment is highly negatively correlated with the level of economic activity, in the real...

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Similar questions

Why is there unemployment in a labor market with flexible wages?
Are U.S. unemployment rates distributed evenly across the population?
Compared with the share of workers in most other high-income countries, is the share of U.S. workers whose wages are determined by union bargaining higher or lower? Why or why not?
What is structural unemployment? Give examples of structural unemployment.
If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?
Imagine that the government reworks the welfare policy that was affecting Jonathan in question 1, so that for each dollar someone like Jonathan earns at work, his government benefits diminish by only 30 cents. Reconstruct the table from question 1 to account for this change in policy. Draw Jonathans labor-leisure opportunity sets, both for before this welfare program is enacted and after it is enacted.
Exercise 15.2 and Exercise 15.3 asked you to describe the labor-leisure tradeoff for Jonathon. Since, in the first example, there is no monetary incentive for Jonathon to work, explain why he may choose to work anyway. Explain what the opportunity costs of working and not working might be for Jonathon in each example. Using your tables and graphs from Exercise 15.2 and Exercise 15.3, analyze how the government welfare system affects Jonathans incentive to work.
Asthebabyboomergenerationretires,whatshould happen to wages and employment? Can you show this graphically?
1 Given the papalation MO00, perple not in the laher farce: 2009, auid ihe peapla unemployed 3000 eple ant in the later feree 2000, d he peaple The laber force s 10,000 d Neme nf the above 2. irthe lahur forre a so00, the pepulatien 10,00 nd the unemplayed arr 30n. The laber foree partieipation rate i: d. None of the abeve 3. Strurtural unemplayment is deflned a: a- The unempleymrnt rate that eeruaa nrmal part of the fanttiuning ef the reniemy b The pertion of unempliyment that is der to changrs in the strecture of the ennemy that resul inignilcaet los ef jeln in certaln indestrien e The pertien of enemployment that is due to the burmal turmer in the laber market d Nane ef the abeve

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Suppose you live iw a community of 100 people where everyowe is able and seeks to wetrk. I6 75 people are oven 16 years old and 50 of them are employed Calculate the unemployment rate in this community? what is the labor borce participation rate?