Unemployment Question Assume a city called Macroland, where the total population is 80,000. Of that 50,000...

Unemployment Question

Assume a city called Macroland, where the total population is 80,000. Of that 50,000 are people between the ages of 18 and 65, and 10,000 below 18 and the rest above 65. In the month of January in Macroland, the number of people in the 18 to 65 years old group that have jobs are 35,000 people, The number in that age group looking for jobs are 7,000 people. Answer all parts to the question for the population between ages of 18 and 65 only. You may type the answer on text if possible or upload a file.

a. How many people are in the labor force?

b. How much is the unemployment rate ?

c. How much is the labor force participation rate?

Now assume in the month of February in Macroland there were some changes in the labor market. Of the people who were employed, 6000 lost their jobs but only 4500 of the 6000 who lost jobs were interested in looking for jobs. Of the people in January who were unemployed, 2000 got jobs, and 800 stopped looking for jobs.

d. Given the changes, what is the labor force of Macroland in February?

e. How much is the unemployment rate in February?

f. How much is the labor force participation rate in February?

g. How many discouraged workers were there for changes between January and February?

Solutions

Expert Solution

Rahul Sunny answered 3 weeks ago

Next > < Previous

Related Solutions

Unemployment Question The small country of Macroland has a population of 100,000 people over the age...

Unemployment Question The small country of Macroland has a population of 100,000 people over the age of 18 and under 65. There are 50,000 people under the age of 18, and 20,000 people over the age of 65. The number of people between ages of 18 and 65 that are looking for jobs is 20,000, and the number that have jobs is 50,000. Using this information, answer the following questions. Show your work. These are numbers for the month of...

The information below describes the current state of the economy of a country called “Macroland.” Assume...

The information below describes the current state of the economy of a country called “Macroland.” Assume that in the short run, prices are fixed, so that the Keynesian model of the economy applies.  C = 800 + mpc(Y – T) “C” is consumption, and “Y” is real GDP  T = 1000 “T” is taxes minus transfers  G = 900 “G” is government purchases  IP = 600 “IP” is planned investment  NX = 0 “NX” is...

Let X be the population of house prices in a large city. Assume that the population...

Let X be the population of house prices in a large city. Assume that the population distribution of house prices is normal [i.e., X ~ N(μ, σ2)]. A random sample of 10 house prices (in thousands of $) provided the following data: 90 100 115 72 125 95 105 135 120 88 Find the standard error of the sample mean (?̅). Show your calculations. Write out the null and alternative hypotheses for determining whether the population mean differs from 90...

Assume a city has a population of 120,000 individuals. COVID-19 has been found in this city...

Assume a city has a population of 120,000 individuals. COVID-19 has been found in this city and is estimated to infect 5%, or 6,000, of its citizens in the next month. Local hospitals want to ensure they have enough beds for those cases that require hospitalization. To make sure they accommodate everyone in a worst-case scenario, they will use the maximum number (the upper bound) of cases requiring hospitalization from the 95% confidence interval reported by the February CDC report...

Consider an economy where the rate of unemployment is 6%, the adult population is 40 million...

Consider an economy where the rate of unemployment is 6%, the adult population is 40 million and the number of employed is 24 million. Then the labour force participation rate is equal to: Select one: a. 65.50% b. 67.28% c. 70.52% d. 63.82%

In this question, we assume the city of Oshawa is a closed economy and is in...

In this question, we assume the city of Oshawa is a closed economy and is in its long-run equilibrium. Recently, General Motors (GM) announced that the company will stick to its plan that they will close their automobile assembly plant in the city this year. a) According to the long-run classical model, what happens to the equilibrium levels of output, real interest rate, and investment in Oshawa after the plant closure? What happens to the real wage in Oshawa? Explain...

What are the reasons why the accuracy and relevance of the unemployment rate may be called into question.

Assume that a small and poor DVC has an a population of 17,000 and a total...

Assume that a small and poor DVC has an a population of 17,000 and a total national income of $3.7 million. a) If the population grows by 4% during the year, while the total national income grows 3%, what will be the new per capita? b) If the population didn't grow, but income still grew by 3%, what would be the per capita? Question 1 options: a) $218 b) $224 a) $215, b) $220 a) $218, b) 220 a) $215,...

1. A. Assume that the total population is 200, the size of the labor force is...

1. A. Assume that the total population is 200, the size of the labor force is 100, the amount of people employed is 90, and the amount of people unemployed is 10. Calculate the unemployment rate? B. In general, approximately what is the lowest unemployment rate that can reasonably expected and why?

Assume that you want to play a game called “who is the murderer?” with a total...

Assume that you want to play a game called “who is the murderer?” with a total of seven suspects including Angelina, Boris, Chris, Dillon, Eve, Frank, and Gunther. Among them, Angelina and Eve are girls and all the other five suspects are boys. According to the polygraph and some other technology tools, you are sure about the following clues. • The number of murders is either one or two; • All the murderer(s) must be among them; • If Angelina...

Subjects