35-36l Refer to the following statement so answer the The Barcau of Labor Stanis

Question

35-36l Refer to the following statement so answer the The Barcau of Labor Stanistics announces that in Dec. 1999, of all adult Americans. 136 mill were uncmployed, and 40 mil were not in the Labor Force employed and 14 mil were 35. How big was the labor force and what was the labor force partiopation raie in 1999 · lahr force: labor force participation ratc: 36. What is the uncmployment rate in 19997 371 Phiigs Curve simply shous the relationship between the inflation and the unemployment that arise in the short nun as the aggregatic curve move the econceny along the shon-num aggregate-supply curve. Based upon this concept, drive the Philigs curve. Inflation Rate Unemployment Rate 38-40] Refer to the following statement to answer the questions. The New York Times cost S0.15 in 1970 and S0.75 in 2000. The average wage in manufacturing was $3.36 per hour in 1970 and $14.26 in 1999, 38. By what percentage did the wage and the price of newspaper rise. respectively? wage 39. In each year (1970. 2000), how many minutes does a worker have to work to earn enough to bay a newspaper 1970: 2000: 40. Did worker's purchasing power in terms of newspaper rise or fall?

Explanation / Answer

35) LAbour force = employed+unemployed = 136 millions+14 million = 150 million

Labor force participation rate (LFPR) = LF/ Working Age non-institutionalized Population

=150/ 190 = 0.79 = 79%

36) Unemployment rate = 14/150 = 0.093 = 9.3%

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