#10). The following information is from a hypothetical economy (all figures are in millions): Full-time employed Part-time employed 36 10 8 Unemployed Discouraged workers 10 Consumer Price Index 106 # 10a). Refer to the information above to answer this question. Compute the current unemployment rate?
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- Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.Which of the following statements are TRUE? Explain why. 1. Someone who has been laid off for eight weeks due to COVID-19 and is not looking for work since they are waiting to be called back to their old job in two months would be counted as not in the labour force by Statistics Canada. 2. Someone who is working part time but would prefer to work full time is counted by Statistics Canada as employed. 3. Someone who is out of work but has given up looking for work is counted by Statistics Canada as not in the labour force. 4. The Canadian working-age population consists of individuals 16 years of age and over.
- The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 Source: “Labor Force Statistics from the Current Population Survey.The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics. What is the national unemployment rate? 2.7% 4.4% 7.4% 59.1% Complete the following table by computing the unemployment rate for each age group. Age Unemployment Rate 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over Which of the following groups has an unemployment rate lower…Here is some data for an economy. Population: 22.5 million Population under the age of 16 years: 7.5 million Discouraged workers: 250,000. Retired people: 1 million Structurally unemployed people: 320,000 Frictionally unemployed people: 220,000 Cyclically unemployed people: 2.2 million The labour force participation rate can be calculated as [(# in Labour Force) / (Adult Population)] *100. Based on this formula, what is the approximate labour force participation rate in this economy? Answers: 91.7% 100% 93.3% 98.3%
- Suppose that you are given the following information: Total Population Adult, noninstitutionalized, nonmilitary population Unemployed adults 300 million 214 million 5 million a. If the labor force participation rate is 75.0%, calculate the size of the labor force: 160.5 million (Enter your response rounded to one decimal place.) b. Determine the number of Employed adults: million. (Enter your response rounded to one decimal place)The following scenarios have been taken from actual answers to the Current Population Survey conducted by the Bureau of Labor Statistics. In each case classify the individual as either employed, unemployed, or not in the labor force. 1.Micheal Scott worked at a paper company for the first 3 days of the survey reference week (Monday-Wednesday). But then he got fired and spent Thursday and Friday of that week answering newspapers and internet want-ads. He still has not obtained a new job.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. a. Calculate the official unemployment rate (as a percentage, not decimals) as calculated by the U.S. Bureau of Labor Statistics. Round your answer to two decimal places.
- The following table shows UK labour market data for the first quarter of 2018 (all aged 16 and over, seasonally adjusted). Fill in the blank parts of the table. Male Female Total In employment (000s) 17 128 15 215 ILO unemployed (000s) 756 Total economically active (000s) 15 884 Percentage unemployed (%) 4.2The table below presents actual household data collected by the BLS for September 2018 and September 2019 ( It is attached) Please show me how you got the answer. Use the information in the table above to compute the numerical values for the following categories, for Sept. 18 and Sept. 19 ( Make sure to also Provide the equation or formula you used to calculate each category) Sept. 2019 Sept. 2020 Population Labor force Participation rate Employment-population ratio Unemployment rateSuppose 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