PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 4.1CC
To determine
Describe the current
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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.)
What is the Philippines' unemployment rate nowadays (2021, in the midst of pandemic)?
Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation? And is a decrease in the unemployment rate necessarily a good thing for a nation? Explain.
Chapter 4 Solutions
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
Knowledge Booster
Similar questions
- Jollyland is a hypothetical country. In the year 2015, the unemployment rate in Jollyland is 50%. Let's suppose that 1/4 of the unemployed people in Jollyland found a job in 2016. What is the unemployment rate(in percentage) in 2016arrow_forwardRefer to the following table that shows monthly data for Japan. What was the unemployment rate in January 2014?arrow_forwardPlease explain in detail how population size impacts the rate of unemployment (at least 2 paragraphs)arrow_forward
- The population of Coukouville is 10,000. Of that number 2,000 are under 16 or institutionalized, 3,000 are not in the labor force, and 250 are currently unemployed. What is the unemployment rate in Coukouville?arrow_forwardUnemployment is a major concern for the United States and across industrialized nations. But what is the unemployment rate in the United States? For this week’s discussion, do some research about the US unemployment rate. Does the percentage surprise you? Why or why not? Is it a higher or lower percentage than you thought?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_forward
- Suppose the Bureau of Labor Statistics interviews 196,700 people in its monthly survey; 94,500 are not in the labor force, 91,150 are employed, 8,870 are unemployed, and 2,180 are in the armed forces. a. What is the size of the U.S. labor force? b. What is the unemployment rate the BLS announces? What is the employment rate? c. What is the U.S. civilian population? d. What is the labor force participation rate the BLS announces? e. Search the historical data of the U.S. unemployment rate and the labor force participation rate. How are the rates you calculated compared to the U.S. historical data since the 1950s?arrow_forwardDuring 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.arrow_forwardEconomists use labour-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retireesarrow_forward
- 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_forwardDear students: Describe how the unemployment rate in the US was before the pandemic, during the pandemic and today. Please provide some specific numbers (research) and analyze the changes. Is today's US economy growing? What is happening today in the labor market?arrow_forwardIs a decrease in the unemployment rate necessarily a good thing for a nation? Explain.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