In 2016, 59.7 percent of the adult population (253 million) was employed. If the employment rate increased to 62 percent, Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number. a. How many more people would be working? ______ million b. By how much would output increase if per worker GDP were $122,000? $ _____ billion

(a) Number of people starts working is as follows:-= (62 – 59.7) * 253= 2.3% * 253= 5.819Hence, 5.819 million more people would be working.(b) Given that the per worker GDP is $1,22,000:-Increase in level of output = $122,000 * 5.819 = $709.92 BillionThus, the output would increase by $709.92 billion

Question

In: Economics

In 2016, 59.7 percent of the adult population (253 million) was employed. If the employment rate increased to 62 percent,

Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number.

a. How many more people would be working?
______ million
b. By how much would output increase if per worker GDP were $122,000?
$ _____ billion

Solutions

Expert Solution

(a) Number of people starts working is as follows:-

= (62 – 59.7) * 253

= 2.3% * 253

= 5.819

Hence, 5.819 million more people would be working.

(b) Given that the per worker GDP is $1,22,000:-

Increase in level of output = $122,000 * 5.819

= $709.92 Billion

Thus, the output would increase by $709.92 billion

Rahul Sunny answered 1 year ago

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