Question
In: Economics
Which of these individuals are in the labor force and which are not?
Which of these individuals are in the labor force and which are not?
the CEO of Coca Cola
a college student who isn't workin and isn't looking for a job
a dishwasher at Denny's who wants a better job
a former accountant who now stays at home to watch his children
a person who got laid off from his job last week and has a job interview today
a former executive who now is retired and living in Florida
Categories
Not in the labor force
In the labor force
Solutions
Expert Solution
|
Not in the labor force |
In the labor force |
|
1. A college student who isn’t working and isn’t looking for a job. 2. A former accountant who now stays at home to watch his children. 3. A former executive who now is retired and living in Florida. |
1. The CEO of Coca-Cola. 2. A dishwasher at Denny’s who wants a better job. 3. A person who got laid off from his job last week and has a job interview today. |
Labor force:
Labor force = Employed + Unemployed
Labor force includes both employed and unemployed.
Not in labor force:
Persons who are neither employed nor unemployed are not in the labor force. This includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work.
Rahul Sunny answered 2 years agoRelated Solutions
What is the difference between labor force & out of labor force? To which category retired...
What is the difference between labor force & out of labor
force? To which category retired population is included?
If individuals are paid the wage at which the supply of labor is equal to the...
If individuals are paid the wage at which the supply of
labor is equal to the demand for labor,
A) no unemployment exists, and workers have no incentive to
shirk.
B) no unemployment exists, and workers have an incentive to
shirk.
C) some unemployment still exists, but workers have no incentive
to shirk.
D) some unemployment still exists, but managers can tell whether
or not workers are shirking.
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 168,954 2012 170,664 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
168,954
2012
170,664
2008
169,691
2013
170,187
2009
168,147
2014
171,274
2010
168,686
2015
172,993
2011
169,031
2016
174,676
Click here for the Excel Data File
(a) Make a line graph of the U.S. civilian labor
force data.
Line Graph A
Line Graph B
Line Graph C
Line Graph D
Line Graph 1
Line Graph 2
Line Graph 3
Line Graph 4
(b) Describe the trend (if any)...
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 178,978 2012 180,688 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
178,978
2012
180,688
2008
179,715
2013
180,211
2009
178,171
2014
181,298
2010
178,710
2015
183,017
2011
179,055
2016
184,700
Click here for the Excel Data File
(a) Make a line graph of the U.S. civilian labor
force data.
Line Graph A
Line Graph B
Line Graph C
Line Graph D
Line Graph 1
Line Graph 2
Line Graph 3
Line Graph 4
(b) Describe the trend (if any)...
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 153,918 2012 155,628 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
153,918
2012
155,628
2008
154,655
2013
155,151
2009
153,111
2014
156,238
2010
153,650
2015
157,957
2011
153,995
2016
159,640
(d) Make forecasts using the following fitted
trend models for years 2017-2019. (Round your answers to
the nearest whole number.)
t
Linear
Quadratic
Exponential
11
12
13
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 168,954 2012 170,664 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
168,954
2012
170,664
2008
169,691
2013
170,187
2009
168,147
2014
171,274
2010
168,686
2015
172,993
2011
169,031
2016
174,676
(d) Make forecasts using the following fitted
trend models for years 2017-2019. (Round your answers to
the nearest whole number.)
t
Linear
Quadratic
Exponential
11
12
13
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 153,918 2012 155,628 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
153,918
2012
155,628
2008
154,655
2013
155,151
2009
153,111
2014
156,238
2010
153,650
2015
157,957
2011
153,995
2016
159,640
(c) Fit three trend models: linear,
exponential, and quadratic. Which model would offer the most
believable forecasts? (You may select more than one
answer.)
Linear
Quadratic
Exponential
(d) Make forecasts using the following fitted trend models
for years 2017-2019. (Round your answers to the nearest
whole number.)
t
Linear...
U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 189,002 2012 190,712 2008...
U.S. Civilian Labor Force (thousands)
Year
Labor Force
Year
Labor Force
2007
189,002
2012
190,712
2008
189,739
2013
190,235
2009
188,195
2014
191,322
2010
188,734
2015
193,041
2011
189,079
2016
194,724
Click here for the Excel Data File
(a) Make a line graph of the U.S. civilian labor
force data.
Line Graph A
Line Graph B
Line Graph C
Line Graph D
Line Graph 1
Line Graph 2
Line Graph 3
Line Graph 4
(b) Describe the trend (if any)...
4. Unemployment rate is defined as the ratio of which of these: a) labor force...
4. Unemployment rate is defined as the ratio of which of
these:
a) labor force to the population 16
years old or older.
b) number of people unemployed to total
population.
c) number of people unemployed to the
total population 16 years old or older
d) none of the above
9. Assume that in 2018, the population 16 years old or older in
a small town was 16,500 people,
the number of employed was 11,000...
Use the table below to answer the following questions: Labor Force of an Economy Labor Force...
Use the table below to answer the following questions:
Labor Force of an Economy
Labor Force
Number of People (millions)
Employed
157.3
Structurally unemployed
5.2
Cyclically unemployed
5.3
Frictionally unemployed
2.9
Instructions: Round your answers to two decimal
places.
a. Calculate the actual unemployment rate and the natural rate
of unemployment for this economy.
Actual rate of unemployment:
7.85% Correct
Natural rate of unemployment:
4.75% Correct
b. Now assume that cyclical unemployment decreases by 1.7
million while structural unemployment increases...
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