Question

In: Economics

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

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



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