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- In the year 2020, total number of employed was 1,700. There are 110 who were frictionally unemployed, and 70 who were cyclically unemployed. Total number of unemployed was 420. Determine the number of people structurally unemployed for the year 2020. Your Answer:In the country of Economica, the total labor force consists of 5,000 workers. 250 of these workers are unemployed, and thus the current unemployment rate is 5.0%. This year, 100 workers will lose their jobs, 85 workers will return to the labor force after an absence, 50 workers will voluntarily leave their jobs, and 250 new workers will enter the labor force. At the same time, 363 workers will find jobs, and 150 workers will retire or leave the labor force for other reasons. Thus, at the end of the year, the labor force will consist of workers, and the unemployment rate will be%. (Round your responses to one decimal place.)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?
- Suppose you live in a community of 5,000 people where everyone wants to work and seeks employment. If 4,000 people are over 16 years old and 3,000 of them are employed, what is the unemployment rate in this community?Based on each of the following descriptions of an individual, answer whether they would be considered 'unemployed' or 'not unemployed'. If they are 'unemployed', suggest whether you think it is frictional, structural, seasonal or cyclical unemployment. A 14-year-old is actively looking for a part time pet care job. He applied for three positions but received no responses. A 40-year-old chef was made redundant and loses her job because of COVID-19 pandemic (lack of demand for consumption goods). She is looking for a new job but is struggling to find one.The town of Villageton has 500 residents, of which 300 are employed, 30 are not working but actively seeking work, 70 are children in school, 40 are retirees, 30 are full-time college students, 20 are institutionalized, and 10 are discouraged workers. Calculate the unemployment rate in Villageton. Suppose 10 of the 30 college students graduate and enter the labor force actively seeking work, but only 5 find a job. How does this change the unemployment rate in Villageton? Is this economy “fully-employed” according to the U.S. definition? Why or why not? How would the “U6” definition of unemployment differ from your answer to question #2a? Would it be higher or lower? Calculate the labor force participation rate (LFPR) using the numbers above.
- Based on each of the following descriptions of an individual, answer whether they would be considered ‘unemployed’ or ‘not unemployed’. why? A 14-year-old is actively looking for a part time pet care job. He applied for three positions but received no responses. A 40-year-old chef was made redundant and loses her job because of COVID-19 pandemic (lack of demand for consumption goods). She is looking for a new job but is struggling to find one.A country has 20 employed workers, 5 unemployed workers still actively seekingjobs, and 10 unemployed workers who have quit looking for jobs. The unemployment rate is:The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Kate just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk. Hubert left his job as an electrician when his wife took a position in another region. The quantity of electrical services demanded is considerably lower in the new region, in part because of high union- negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of electrician jobs. A recent recession has reduced the number of visitors to a local water park. The park has had to lay off many of its employees, including Poornima. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) 3.6 0.0 1.1 Frictional Cyclical Structural Total…
- According to the Census Bureau, the US working-age population in July 2017 was around 326 million. At the same time, the labor force was 203.75 million, and the total number of people employed was 195 million. According to these numbers, the US labor-force participation rate and unemployment rate in July 2017 were: 62.5% and 2.7 % 95.7% and 2.7% 62.5% and 4.3 % 59.9% and 4.3 %Assume you are told there are 3,000,000 in a country's labor force, 5,000,000 in the population, and the number of people employed is 2,820,000. What is the unemployment rate? 43% 5% 40% 6% 3%The population of Tavua is 24,214 people. There are 15,716 people who are currently working, and 941 people who qualify as unemployed. What is Tavua's unemployment rate? Put your answer in percentage form (e.g. 30.51 not 0.3051) and then round to two decimal places.
