Question 5. Unemployment (a) A country labor force is 18. There are 8 children, 1 active duty servicemember, and 9 retirees over age 67. The labor force participation rate is 58%. Find the country's population Show work.
Q: The demand for dress shoes is represented by the figure below. Using the midpoint formula calculate…
A: The midpoint formula for elasticity is a widely used formula that measures the responsiveness of one…
Q: Assume that a firm’s marginal revenue curve intersects the rising portion of its marginal cost curve…
A: The marginal cost of production and marginal revenue are economic measures utilized to compute the…
Q: Briefly explain the relevance of the first theorem of welfare economics in the field of…
A: The First Theorem of Welfare Economics asserts that under certain conditions, a competitive market…
Q: 28 24 20 16 12 8 0 a S1 0 D1 4 8 12 16 10. A likely cause of a change in demand from D2 to D1 is…
A: Price is determined by market forces demand and supply at the intersection point where…
Q: Explain the long run equilibrium situation for a monopolistically competitive industry. Give two…
A: Monopolistic Competition: A monopolistically competitive market is identified by many purchasers and…
Q: QUESTION 8 Which of the following are positive statements? (A) The introduction of taxes in 2018…
A: A statement can be positive or normative. Positive statements are statements which can tested with…
Q: You have been asked to evaluate two alternatives, X and Y, that may increase plant capacity for…
A: Present worth is the current worth of a future amount of cash or stream of incomes given a…
Q: “Consumers shoulder more tax burden for products with elastic demand relatively to products with…
A: Inelastic demand refers to a situation in which the quantity of a product demanded changes very…
Q: Explane the stages a bill must go throught to become an Act of Parliament and the main advantanges…
A: The parliamentary law making process is a fundamental aspect of the United Kingdom's system of…
Q: A young industrial engineer analyzed some equip- ment to replace one production worker. The present…
A: Given: Interest rate = 8% Single shift = 8 hours Number of days per year = 250 days
Q: 3. Increased consumer and busi- ness confidence in open economy with an initial trade deficit:…
A: Trade deficit is a situation when imports of a nation are more than the exports of nation. On the…
Q: Alain Bertaud critiques the development plan for Hanoi saying that it dismisses both land and labor…
A: A development plan is a strategic document that outlines the vision, goals, and objectives for the…
Q: Assume that Mania has $1,200 per month to spend between dinners at a Japanese restaurant and…
A: Consumer theory's core goal is to determine the impact of alternative assumptions regarding…
Q: The following graph shows the labor market in the fast-food industry in the fictional town of…
A: Labor economics seeks to understand the functioning and dynamics of the markets for wage labour.…
Q: QUESTION 4 Estimate the selling price per cover, Sales and costs (E0000) 15 13 - Break-even point…
A: Total Sale Value = Price per unit * number of units sold => Price per unit = Total Sale Value /…
Q: The BEA says “Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the…
A: A country's overall economic output is measured by its real gross domestic product (GDP), which is…
Q: Question 4 • Draw the demand and supply curves to show the equilibrium. Call this Graph 4 (you have…
A: In the free market, the equilibrium price and quantity is determined by the forces of demand and…
Q: 4. Consider an individual with utility function U(C₁, C₂) = (c₁) 3/4 (c₂)¹/4 who is alive for two…
A: The government imposes taxes on consumers and producers to finance its expenditures. The…
Q: Suppose that the quantity of tacos consumed per month is on the x-axis and the quantity of pizzas…
A: A budget line is a graphical representation of the constraints that a consumer faces when making…
Q: * Assume that somebody has to pay £2000 in three years' time and £3000 in seven years' time. They…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Task Three Explain how the application of monetary and fiscal policy might be used to stimulate a…
A: Monetary Policy and Fiscal Policy Monetary policy is used by central banks to control the amount of…
Q: 24. Last year, posted its in six years. The loss was a surprise to investors because the industry as…
A: The expression unemployment implies a situation where a person actively searches for employment but…
Q: Which of the following is NOT an example of moral hazard? O Joey borrowed $20,000 from a bank to…
A: Information Asymmetry is an imbalance between two negotiating parties in their knowledge of relevant…
Q: A framing effect occurs when a choice is affected by how information about an item is presented.…
A: Framing effect is cognitive bias that affects the thinking process before making the decision.
Q: Many persons prepare for retirement by making monthly contributions to a savings program. Suppose…
A: Compounding in economics refers to the process by which the value of an investment grows over time…
Q: Suppose Left Shoes and Right Shoes were sold separately. a. Do you think the cross-price elasticity…
A: Disclaimer: - Since you asked multipart question, we are solving the first 3 subparts as per…
Q: Identify whether each of the following events in this scenario occurs in the market for factors of…
A: Circular flow model shows how the money transfers among house and firms through markets of goods and…
Q: 28) If the government puts a $2 excise tax on a product and as a result, price rises by $0.75, 28)…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Temperature is an example of a variable that uses O the ratio scale either the ratio or the ordinal…
A: A variable can be used to measure any person, place, thing, or phenomenon in some way.
Q: The table below shows the production possibilities for Canada and Japan. Suppose that, prior to…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Refer to the figure above. Suppose that the government is concerned about obesity in the United Arab…
A: Demand for the good refers to the quantity demanded of that good by the consumers at various prices…
Q: Pick one letter for the answer. During the Second World War, Germany's factories were decimated and…
A: Production possibility frontier refers to the locus of all efficient point of production level which…
Q: Using the graph, complete the table that follows by indicating whether each statement is true or…
A: Elasticity of supply measures the responsiveness of quantity supplied with respect to change in…
Q: Consider the U.S. passenger airline industry through the lens of the Five Forces model. The…
A: Porter's Five Forces model named after Harvard Business School professor, Michael E. Porter, is a…
Q: give the owner of the dealership (201, 207) 24. Last year, MedSupplies-a national supplier of…
A: Marginal sales refer to the change in the total revenue of a company that results from selling one…
Q: Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets.…
A: In the free economy, the equilibrium price and quantity is determined by the forces of demand and…
Q: QUESTION 6 One advantage market economies have over centrally-planned economies is that market…
A: Economic system: produces, allocates resources, and distributes goods and services within a society…
Q: How much must be invested now to grow to $30,000 in 7 years with an interest rate of 4% compounded…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: An increase in the expected price of corn would likely do the following to the current supply and…
A: The equilibrium occurs where the demand and supply are equal. Change in the demand and supply leads…
Q: Starcrossed City contains two types of businesses— Software design and film production. Assume the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: In the graph below, click on the line segment that denotes the size of a sales tax imposed on the…
A:
Q: Please write a different answer there is an answer available for this on Bartleby already and tutors…
A: (Note: As you asked multiple subparts questions, we will answer only question 1 as per the…
Q: True/false Variable cost changes or vary with the change in the level of output in a production…
A: Cost is an economic concept that refers to the amount of resources, including time, money, and…
Q: Assume that a country, in year 5, has a population level, P, of 14 380 individuals. The country's…
A: Population is a term used to describe the number of individuals living in a specific geographic…
Q: 1. Why can't a perfectly competitive firm charge a price premium (sell at a higher price) for its…
A: In perfectly competitive market, there are many firms and buyers. Goods sold by them are identical.
Q: Group 1 countries reduce their demand for oil by 60 units through aggressive conservation policies…
A: The world equilibrium price is determined by the intersection of the world demand curve and the…
Q: A change in which of the following will NOT shift the demand curve for hamburgers? the price of…
A: Introduction Economical demand is a concept that describes a customer's desire to purchase a good or…
Q: To investigate the impact of wage on the number of workers employed two models of labour demand are…
A: In a linear model with 2 explanatory variables tells that how the dependent variable is related to…
Q: Small investors face higher transaction costs on the financial market because some transaction fees…
A: Fixed costs are those expenses that remain constant regardless of whether production volumes rise or…
Q: The M2 money supply rose significantly during the COVID-19 pandemic emphasizes the medium of…
A: M2 measure of money supply includes all currency in hand with the people, checking deposits, and…
When people are able and wanting to work but are unable to obtain a job, this is referred to as being unemployed. In other words, it happens when people are unemployed but actively looking for work.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
- A country has a total population of 500 people. Of those, 50 are under the age of 16 or institutionalized. 100 are retired. The rest are in the labor force. Of those in the labor force, 25 are part-time workers that would like to be working full time. There are 30 unemployed workers. What is the unemployment rate (rounded to the nearest whole percentage point)?A country has a population of 1,000,000. The labor force is 500,000. If the unemployment rate is 10%, how many people are employed? 100,000 50,000 450,000 900,000 A country has a labor participation rate of 60%. The employment rate is 90%. What is the total number of people unemployed if the total population is 20,000,000. 1,000,000 1,200,000 1,500,000 2,000,000 If there are more discouraged workers, then unemployment rate will ____ and labor participation rate will _____. fall, rise rise, rise fall, fall rise, fall Ahmed has just graduated with a PhD degree in refinery product optimization. He is currently residing in the Eastern Province looking for a job in the refining industry. He is structurally unemployed He is frictionallly unemployed He is cyclically and structurally unemployed He is frictionally…Question 7 If peaple who have been looking for work give up actively looking for work, ceteris paribus, the unemployment rate increases. labour force participation rate increases. unemployment rate decreases. O working-age population decreases.
- Category Number of people 10,000 Labor force Employed Working-age population 9,000 12,000 In the table above, the number of unemployed people is 1,100. 2,000. 11,000. 1,000. 3,000. Question 12 Rosina Gonzales quit her to her family ShePlease answer a, b and c. The table below shows the responses to a survey which asked whether a respondent worked in the past week and what their hourly wage was. Respondent Number of Hours Worked Hourly Wage 1 40 $10 2 20 $6 3 40 $8 4 0 $0 5 50 $20 a. What is the average hourly wage for those who worked? b. For those who worked, what is the average number of hours worked? c. What is the unemployment rate if everyone but the fourth respondent is in the labour force? d. What additional information would you need to know to determine if the fourth respondent is in the labour force? e. What is the labour force participation rate if everyone but the fourth respondent is in the labour force?30. In a country total population is 365 million. Of that, the number of under the age of 16 is 255 million. Among the rest of the population, 10 million are out of labor force. 95 million are employed among those who are in labor force. What is the unemployment rate?
- The Current Population Survey reports the data for last month: 73 million people had full-time jobs. 10 million people had part-time jobs. 5 million people had no work but were available and had looked for work in the past four weeks. 36 million people of working age did not have jobs and did not want jobs. Calculate last month's labor force and working-age population. 3 tries left Last month, the labor force was was million. A. 98; 134 OB. 93; 124 OC. 88; 134 D. 88; 124 million and the working-age populationSupposed economy has a population of 5000 people. 1000 people are under the age of 16. 1250 people are not in the labor force. 2000 people are employed full-time. 475 people are employed part time. Of the 475 part time workers, 275 are also seeking full-time employment. What is the size of the labor force? What is the unemployment rate?Assume the total population is 3500. Of the total population, 1800 are working full-time. Of the not-working population, 1000 are under 16 years of age, 350 are full-time/not-working college students, 50 were retired, 150 had stopped looking for work because they think there were no jobs for them, and 150 are diligently looking for work. 6. Calculate # of non-labor force. 7. Calculate the unemployment rate (%). 8. Assuming "discouraged labor" is considered "unemployed," calculate the unemployment rate (%). -----. -----------
- HFC Online Video Tutorial 1. What would the unemployment rate be if, in an economy, there were 10 million unemployed individuals, 118 mitlion employed individuals, and 64 million individuals not in the labor force? A) 5.2% B) 3.9% C) 7.8% D) 5.5% 2. What would the labor force participation rate (LFPR) be if, in an economy, there were 10 million unemployed individuals, 110 millíon employed individuals, and 60 million individuals not in the labor force? A) There is not enough information to calculate the LFPR B) 200% C) 64.7% D) 66.7% 3. Which single word below most nearly captures the definition of GDP? A) Consumption B) Labor C) Output D) Prices 4. If unemployed workers become discouraged and stop looking for work, dropping out of the labor force, the unemployment rate: A) remains unchanged. B) falls. C) may rise or fall, depending on other factors. D) rises. question 1: question 2: question 3: 30 F2 F3 DII F4 F5 F6 F7 FB @ 23 24 & 4 7 Q W E ∞ * > < COThe table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment Natural rate of unemployment Civilian, noninstitutional population age 16 and over Number of people employed full time Number of people employed part time Number of people unemployed Number of discouraged workers 3% 4% 125 million 92 million 5 million 3 million 2 million (a) Calculate the size of the labor force. Show your work. (b) Calculate the labor force participation rate. Show your work. (c) 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. (d) Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work. (e) Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?Employment is measured by how many people had jobs last month. True or false