16. Suppose that the government imposes a minimum wage of $7. Then, the size of labor forcewill bepeople, the number of people employed will be. , and the number ofpeople unemployed will be.a. labor force = 50, employment = 30, unemployment = 20b. labor force = 50, employment = 50, unemployment = 0c. labor force = 70, employment = 30, unemployment = 40d. labor force 70, employment = 50, unemployment = 20

Here's why the other options are incorrect:a. labor force = 50, employment = 30, unemployment = 20:…

Answered: 16. Suppose that the government imposes…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 1P

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Similar questions

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big way. If we assume that wages are sticky in a downward direction, but that around 1970 the demand for labor equaled the supply of labor at the current wage rate, what do you imagine happened to the wage rate, employment, and unemployment as a result of increased labor force participation?
What happens to the labor force participation rate when employed individuals are reclassified as unemployed? What happens when they are reclassified as discouraged workers?
What is frictional unemployment? Give examples of frictional unemployment.
What is structural unemployment? Give examples of structural unemployment.
What is the difference between being unemployed and being out of the labor force?
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.
8. If the adult population of a city is 1,000,000 people, and the labor force size is 600,000 people, what is the Labor Force Participation Rate?
15. Suppose 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? b. How many people are unemployed? s What is the size of the working-age population? toTTATR
Suppose th ent prium wage in a certain labor market is $18 per hour. Michelle is curren not employed, but seeking work in that same market and willing to work for $18 per hour. After 5 weeks of searching, Michelle still has not found a job. What would economists say about Michelle's situation? Select the correct answer below: Michelle is involuntarily unemployed. Michelle is voluntarily unemployed. Michelle is not in the labor force. Michelle's situation is an example of frictional unemployment. FEEDBACK
Between January 2012 and January 2019,U.S. employment increased by 17.3 million workers,but the number of unemployed workers declined byonly 6.3 million. How are these numbers consistentwith each other? Why might one expect a reductionin the number of people counted as unemployed tobe smaller than the increase in the number of peopleemployed?
2. Measuring the labor force: A. Define the labor force. What are the age groups considered part of the labor force. B. Define the labor force participation rate. Has the male labor force participation rate increased or decreased since the 1950s? What are factors behind this pattern? Has the female labor force participation rate increased or decreased since the 1950s? What are factors behind this patten? C. Define the employment ratio. D. Define the civilian unemployment rate. What causes the unemployment rate to increase? What causes the unemployment rate to decrease? How has the civilian unemployment rate varied over the business cycle?

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