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- If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?If the total population of a country is 300 million, the unemployment rate is 5% and theparticipation rate is 65%, the working age population is:O 105.0 millionO 195.0 millionO 285.0 millio360 LRAS SRAS 300 240 180 X 120 60 4 8 12 16 REAL GDP (Trillions of dollars) PRICE LEVEL 0 0 □ a. 4.5% O b. 5% □ c. 8% O d. 2.5% 1-22-22 20 Assume the economies natural rate of unemployment is 4.5% (this is generally what the United States considers normal). What might you suspect the current rate of unemployment to be in the model above? 24
- Table 6.2 Year CPI 150 154 152 4. 156 160 Refer to Table 6.2. If a worker earned $40,000 years ago when the CPI was 130, what is the minimum salary he must earn in year 4 to "more than keep up with inflation"? O $49,230.77 O $48,000.00 O $46.769.23 O $46.153.85The reference base period for the CPI is 1982-1984. In January 2018, the CPI was 247.9. What does this number tell us? This number tells us that the of the prices paid by urban consumers for a fixed basket of consumer goods and services was O A average; 147.9 percent higher in January 2018 than the average of 1982-1984 B. inflation rate; 47.9 percent per year OC. inflation rate; 147.9 percent per year O D. average; 247.9 percent higher in January 2018 than the average of 1982-1984.ull T-Mobile ? * 2:21 AM @ O 5% 4 A myopenmath.com How to calculate the inflation rate for food, 1913-2021 Start with the inflation rate formula: CPI in 2021/CPI in 1913 * 1913 USD value = 2021 USD value Then plug in historical CPI values from above. The CPI for Food was 9.923 in the year 1913 and 270.938 in 2021: 270.938/9.923 * $20 = $546.08 Therefore, according to the U.S. Bureau of Labor Statistics, $20 in 1913 has the same "purchasing power" as $546.08 in 2021 (in the CPI category of food). Use the highlighted info above to answer each question below. Round appropriately to the context. a. The absolute change in the cost of food from 1913 to 2021 was | 261.01 2$ Calculation: 261.015 b. The rate of change in the cost of food from 1913 to 2021 was $/year
- Between January 2012 and January 2019,U.S. employment increased by 17.3 million workers,but the number of unemployed workers declined byonly 6.3 million. How are these numbers consistentwith each other? Why might one expect a reductionin the number of people counted as unemployed tobe smaller than the increase in the number of peopleemployed?In the economy there has been an increase in the labor force participation rate. We can expect the equilibrium wage to number of people employed to and the O decrease : increase O decrease : decrease O increase : increase O increase: decreaseestion 8 Table 20-15 Nominal Average Hourly Earnings $10 Year CPI 2014 1.00 2015 10 1.05 2016 12 1.10 Refer to Table 20-15. Looking at the table above, the nominal average hourly earnings that you should have in 2016 in order to achieve the same purchasing power as in 2014 are O $10.90. O $11. O $12. O $13.20.
- Consider an economy with 500 people in the labor force. At the beginning of every month, 5 people losetheir jobs and remain unemployed for exactly one month; one month later, they find new jobs andbecome employed. In addition, on January 1 of each year, 20 people lose their jobs and remainunemployed for six months before finding new jobs. Finally, on July 1 of each year, 20 people lose theirjobs and remain unemployed for 6 months before finding new jobs.1. What is the unemployment rate in this economy in a typical month?2. What fraction of unemployment spells lasts for one month? What fraction lasts for six months?3. What is the average duration of completed spell of unemployment?4. On a particular date, what fraction of the unemployed are suffering a long spell (six months) ofunemployment? plz solve part 4 ? Thanks.Assume a country has a total population of 58 million, of which 70 per cent are part of the working-age population. 23.7 million working-age people are not looking for a job, and 13.6 million are employed. What are the labour force participation rate (LFPR) and the unemployment rate (u)? O a. LFPR = 59.4%; u = 19.5% Ob. LFPR 41.6%:u-19.5% OC.LFPR = 41.6%; u = 32.8% O d. LFPR = 59.4%; u = 32.8%docs.google.com a 4. A country has a total adult population of 10 million, and of these 210 thousand are currently out of work and actively searching for new employment. A further 2.9 million are not working because they are retired, institutionalized, or simply choose not to work. Finally a total of 10o0 thousand citizens are currently enlisted with the military, what is the current unemployment rate? * 2.1% 3% 4.5% O 2.9% 5. Suppoco vOur fathor oarnod a ooloru O OO