Select the correct answer: The (working-age population; labor force) is the total number of people aged...

Select the correct answer:

The (working-age population; labor force) is the total number of people aged 16 years and over and who are not in jail, hospital, or some other form of institutional care.

The (unemployment rate; labor force participation rate) is the percentage of the working-age population who are members of the labor force.

Pat is neither working nor actively looking for work, so she is (unemployed; discouraged worker)

Shirley is working less than 35 hours a week, and is looking for a full-time job, so she is (part-time worker for economic reasons, part time worker for noneconomic reasons).

Since 1960, the male (labor force participation rate; unemployment rate) decreased and the one for females increased.

The normal unemployment from labor market turnover is called (cyclical, frictional) unemployment.

When (structural; cyclical) unemployment equals zero, the economy is experiencing full employment.

When (potential GDP; structural unemployment) exceeds real GDP, the output gap is negative and the unemployment rate is higher than the natural unemployment rate.

Solutions

Expert Solution

The working-age population is the total number of people in the working age in an economy.

The labor force participation rate represents the proportion of number of people in the working age population who are member of labor force. That is who are either employed or looking for work.

Discouraged workers are those who are neither working nor looking for work.

Part time worker for economic reasons as she wants full time employment but does not have it.

Labor force participation rate- decreased for men and increased for women since 1960s.

Cyclical unemployment - It is equal to unemployment rate minus natural rate of unemployment, So, when cyclical unemployment is zero, it means unemployment rate equals natural rate of unemployment. Thus, economy is experiencing full employment.

Potential GDP - As potential GDP exceeds real GDP, output gap is negative because real GDP falls short of potential GDP and unemployment rate is higher than natural unemployment rate.

Rahul Sunny answered 2 years ago

Next > < Previous

Related Solutions

If the number of the people in the labor force __________ and the number of people...

If the number of the people in the labor force __________ and the number of people working _________ then the unemployment rate must have ___________. Select one: a. Increases; declines; increased b. Increases; increases; decreased c. Increases; increases; increased d. Decreases; declines; increased In the Keynesian View, an increase in all of the below will increase the current period’s GDP, EXCEPT: Select one: a. Increase in the money supply b. Increase in spending by consumers c. Increase in saving d....

The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The...

The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The definitions it uses distorts the real employment picture. After studying the survey method and definitions of the categories, give us your opinion. Is this method incorrect but sufficient given any alternative? Is this method so flawed as to be irrelevant? What would you change and why? I haven't been able to find much on this subject, even the textbook is vague. thank you for...

The BLS surveys and classifies people as employed, unemployed, working age, in the labor force... The...

The labour force participation rate is Select one: the percentage of the working-age population who are...

The labour force participation rate is Select one: the percentage of the working-age population who are employed the percentage of the labour force who are unemployed or employed the percentage of the working-age population who are either unemployed or employed the percentage of the labour force who are employed equal to the employment rate plus the unemployment rate Question 2 Complete Mark 0.00 out of 2.00 Flag question Question text Which one of the following people is structurally unemployed? Select...

Labor markets a) The US working-age population is approximately 200 million people. In February, there were...

Labor markets a) The US working-age population is approximately 200 million people. In February, there were approximately 125 million people with paid work and 5 million people unemployed. What was the Unemployment Rate and the Labor Force Participation Rate? b) As of the released data today, there are about 102 million people with paid work and 18 million unemployed. What does that give for the Unemployment Rate and the Labor Force Participation Rate? I notice that the labor force seems...

Total Population 800M Non-institutionalized population over the age of 16 = 560M Number of people potentially...

Total Population 800M Non-institutionalized population over the age of 16 = 560M Number of people potentially available for civilian employment Number of those potentially available for employment who are 76M neither working nor looking for work Number of people working 440M Natural rate of unemployment 5% 1) A) Explain the difference in concept between total population and the potential labor force. B) Who makes up the labor force and how much is it in the numerical example above? C) Define...

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?

The labor force participation rate is calculated as: Select one: a. the percent of the population...

The labor force participation rate is calculated as: Select one: a. the percent of the population age 16 or older that is in the labor force. b. the percent of the entire population that is unemployed. c. the percent of the labor force age 16 or older that is employed. d. the percent of the population age 16 or older that is unemployed. Which of following is true about socialism? Select one: a. all of the above. b. prices are...

12,000 people are in the population. 1,000 are under age 16. Of these people, 4,000 are not working...

12,000 people are in the population. 1,000 are under age 16. Of these people, 4,000 are not working and not looking for work. Another 1,000 are looking for work and not working. Use this information to calculate the Size of the available population Size of the labor foce Number of unemployed The labor force participation rate The unemployment rate

Working-age population 250 million Not in Labor Force 85 million Discouraged workers 2 million Involuntary part-time...

Working-age population 250 million Not in Labor Force 85 million Discouraged workers 2 million Involuntary part-time workers 8 million Unemployed 15 million Employed 150 million a. Compute the labor force participation rate. (1pt) b. Compute the official unemployment rate (U-3). (2pts) c. Suppose that 2 million jobless people (i.e., unemployed) suddenly quit looking for a job. How does it affect the labor force participation rate and the official unemployment rate (U-3)? Compute both the labor force participation rate and the...

Subjects