Question

In: Economics

5. Which of the following is NOT considered when the government determines whether someone is unemployed?...

5. Which of the following is NOT considered when the government determines whether someone is unemployed?

a. Whether the individual is 16 or older

b. The wage the individual is paid

c. Whether the individual has looked for work

d. Whether the individual is currently employed

6. Suppose the civilian non-institutional population equals 150,000; there are 70,000 employed persons and 10,000 unemployed persons. How many people are not in the labor force?

a. 10,000

b. 60,000

c. 70,000

d. 80,000

Expert Solution

5. The correct answer is 'Option B'.

A person is considered as unemployed when that person is willing and able to work but couldn't find a suitable job in the market. The individual must be a part of the labor force. The wage rate does not play any role here as the main purpose is to identify whether the person is jobless or not. So, the wage that the individual is paid is not considered while determining someone is unemployed or not. Therefore, the correct answer is 'Option B'.

6. The labor force consists of the number of people employed and the number of people unemployed. Given:

Total Population = 150,000

Total Employed = 70,000

Total Unemployed = 10,000

Total Labor Force = Total Employed + Total Unemployed

Total Labor Force = 70,000 + 10,000

Total Labor Force = 80,000

The number of people not in the labor force are:

People Not in Labor Force = Total Population - Total Labor Force

People Not in Labor Force = 150,000 - 80,000

People Not in Labor Force = 70,000

So, 70,000 people are not in the labor force. Therefore, the correct answer is 'Option C'.

Rahul Sunny answered 6 months ago

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