Question 292.5 pts Labor Force Statistics by Age. Suppose people in the adult po

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Question 292.5 pts

Labor Force Statistics by Age.

Suppose people in the adult population in a small country are classified based on their age.

Labor Force Status

less then 55

55 and older

400,000

100,000

25,000

7,000

600,000

200,000

Refer to Labor Force Statistics by Age.   Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older. The cyclical unemployment rate for those under 55 is

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Question 302.5 pts

Efficiency wages

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Question 312.5 pts

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Question 322.5 pts

Economics deals primarily with the concept of

Labor Force Status

less then 55

55 and older

Number employed

400,000

100,000

Number unemployed

25,000

7,000

Number in Population

600,000

200,000

age 10 10 20 30 40 50 60 70 80 90 hundred:s ef workers

Explanation / Answer

292) The asnwer is B -) .88% which is less than the cyclical unemployment rate for those 55 and older.

because cyclical unemployment rate = actual unemployment - natural rate of unemployment.

actual unemployment = 25000 / 425000 *100 = 5.88%

cyclical unemployment rate = 5.88% - 5% = .88%

302) The asnwer is D -) create a surplus of labor, and so raise unemployment.

312) The asnwer is B -) 2000 workers.

322) The asnwer is A -) Scarcity.

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