Chapter 1. Chapter 2 – Problem 9

Question 1

Work It Out

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You must read each slide, and complete any questions on the slide, in sequence.

Question

An economy has 100 people divided among the following groups: 20 have full-time jobs, 10 have one part-time job, 10 have two part-time jobs, 5 would like to work and are looking for jobs, 5 would like to work but are so discouraged they have given up looking, 15 are running their own businesses, 15 are retired, and 20 are small children.

Calculate the labor force and the labor-force participation rate.

Labor Force = 05dveybDphA=

Labor-Force Participation Rate = XqPzZf5H/p4=%

Review text pages 38-40 for discussion of how to calculate the labor force and the labor-force participation rate.

2:02

Question 2

Question

Calculate the number of unemployed and the unemployment rate.

Number of Unemployed = DYU2tVvtzEQ=

Unemployment Rate = pjZxBJnRMr/4DfG7%

Review text pages 38-40 for discussion of how to calculate unemployment and the unemployment rate.

0:58

Question 3

Question

Calculate total employment in two ways: as measured by the household survey and as measured by the establishment survey.

Household Survey Employment = dRMafafjIq0=

Establishment Survey Employment = fwIPnBkWdu4=

Review text pages 38-42 for discussion of how to calculate employment as measured by the household survey and by the establishment survey.

1:43