PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
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Chapter 5, Problem 10P
To determine
The labor force,
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The following is a report from a BLS survey taker:
There were 90 people in the houses I visited. 20 of them were children under the age of 16, 25
people had full-time jobs, and 10 had part-time jobs. There were 10 retirees, 5 full-time
homemakers, 9 full-time students over age 16, and 3 people who were disabled and cannot work.
The remaining people did not have jobs, but all said they would like one. 5 of these people had
not looked actively for work for three months, however.
Find the labor force, the unemployment rate, and the participation rate implied by the survey
taker's report.
Labor force:
48 people
Instructions: Enter your responses rounded to two decimal places.
Unemployment rate:
%
Participation rate:
%
The following is a report from a BLS survey taker:
There were 90 people in the houses I visited. 20 of them were children under the age of 16, 25 people had full-time jobs, and 10 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 9 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. 5 of these people had not looked actively for work for three months, however.
Find the labor force, the unemployment rate, and the participation rate implied by the survey taker’s report.Labor force: people
Instructions: Enter your responses rounded to two decimal places.
Unemployment rate: %Participation rate: %
The following is a report from a BLS survey taker:
“There were 70 people in the houses I visited. 12 of them were children under the age of 16, 25 people had full-time jobs, and 6 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 5 full-time students over age 16, and 2 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. One of these people had not looked actively for work for three months, however.”
Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: peopleWorking-age population: peopleNumber of employed workers: peopleNumber of unemployed workers: people
Chapter 5 Solutions
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
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- The following is a report from a BLS survey taker: “There were 90 people in the houses I visited. 20 of them were children under the age of 16, 25 people had full-time jobs, and 10 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 9 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. Five of these people had not looked actively for work for three months, however.” Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: peopleWorking-age population: peopleNumber of employed workers: peopleNumber of unemployed workers: peoplearrow_forwardThe following is a report from a BLS survey taker: There were 95 people in the houses I visited 22 of them were children under the age of 16, 25 people had full-time jobs, and 11 had port-time jobs. There were 10 retirees, 5 full-time homemakers, 10 full-time students over age 16, and 3 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one Six of these people had not looked actively for work for three months, however. Find the labor force, the unempioyment rate, and the participation rate implied by the survey taker's report Labor force. 39 people Instructions: Enter your responses rounded to two decimal places Unemployment rate. 7.69 Participation rate: 61 90arrow_forward1. Assume that a survey of households revealed that the non-institutional population 16 years and older is 250 million. Of that group, 100 million are working full-time and 50 million are working part-time. 15 million of the part-time workers said that they would prefer to be working full-time while the other 35 million prefer to be working part-time. Of the people who are not working, 11 million said that they want to work. All 11 million had either gone to a job interview or submitted a resume during the last year, but only 5 million had done so during the past month. Given this information, find the a. unemployment rate b. labor force participation rate c. u6 measure of labor utilizationarrow_forward
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- There are 300 individuals in Latvaria. Of these, 75 are younger than 16, 5 are in prison, and 20 are in the hospital (there is no armed forces in Latvaria). There are 110 employed individuals and 10 unemployed individuals. What is the LFPR, expressed as a percentage (DO NOT INCLUDE THE PERCENT SIGN IN YOUR ANSWER. ROUND YOUR ANSWER TO THE NEAREST WHOLE NUMBER)?arrow_forwardCategory Number of Persons Part Time Employees 30 million People Looking for Work in the last 4 weeks and Have not Worked in the Last Week 9.2 million Full Time Employees 101 million Retirees 15.8 million Full Time Students 13 million Workers that haven't looked because they are marginally attached 4.9 million Workers that haven't looked because they are discouraged 4.1 million Assume the table above includes the population of all individuals age 16 or older in this country. What is the labor force participation rate (as a percentage, but omit the % sign, rounded to the nearest tenth)? Note:- Please give me proper calculation with correct answer otherwise i give downvote Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.arrow_forwardAnnouncers present music, news, and sports, and may provide commentary or interview guests about these or other important topics. Some act as masters of ceremonies (emcees) or disc jockeys (DJs) at weddings, parties, or clubs. Many announcers work in radio and television studios. Some announcers are self-employed; others work part time. The median annual wage for announcers was $29,010 in May 2014. A newscaster earns $33,900 and wants to invest 10% of his/her monthly salary to save for retirement in 22 years. If he/she invests this money at 3.3% compounded monthly, how much money will he/she have at retirement?a) How much will be saved each year?$b) What will be the monthly deposit?$c) What will be the amount in the account after 22 years?$arrow_forward
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