ation. Suppose that the Bureau ofLabor Statistics oyed, 12,332,000 were T0 ans w
ID: 1121458 • Letter: A
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ation. Suppose that the Bureau ofLabor Statistics oyed, 12,332,000 were T0 ans wer Qu stions #14 and #15refer to the following info (BLS) announces that in January 2013, of working-age Americans, 143,322,000 were emp unemployed, and 89,008,000 were not in the labor force. 14. What are the working-age population, and the size of the labor force, respectively? 155,654,000 and 244,662,000 B.)244,662,000 and 155,654,000 165,455,000 and 266,442,000 D. 266,442,000 and 165,455,000 15. What are the labor force participation rate, and the unemployment rate, respectively? 7.92% and 63.62% y,3.62% and 7.92% 6.37% and 13.85% D. 13.85% and 36.37% 16. Consider a small economy seeking work; two are not actively seeking employment; and one is under the age of 16. It follows that the Labor force Participation Rate isand the Unemployment Rate is 60%; 66.67% 2090; 200% C. 66.67%; 60% D. 200%, 20% 17. Suppose following the election of Donald Trump, the U.S. business community becomes the profitability of capital. Ceteris paribus, it follows that the loanable funds would pressure on the equilibrium interest rate. A. supply of, decrease; upward B. supply of; decrease; downward demand for; decrease downward for: increase; 18. Suppose an American consumer purchases a pair of shoes manufactured in Italy. Ceteris paribus, which of the following best explains the impact of this transaction on the U.S, national income and product accounts? A. Net exports and GDP both increase. B. Net exports and GDP both decrease. C. Net exports are unchanged; while GDP increases. Net exports decrease; while GDP is unchanged.Explanation / Answer
Ans. 14 - B
Working age population = Employed working age population + unemployed working age population + not in the labor force = 143222000 + 12332000 + 89008000 = 244662000
Labour force = Employed working age population + unemployed working age population = 143222000 + 12332000 =155654000
Answer 15. B
Labor force participation rate is how many people are available to work as a percent of the total population eligible to work.
=(155654000/244662000) *100 = 63.62%
Unemployment rate is unemployed individuals divided by all individuals currently in the labor force =12332000/155654000 *100 = 7.92%
Ans 16. A
Labor force participation rate is how many people are available to work as a percent of the total population eligible to work. Here it is 3/5 *100 =60%
Unemployment rate is unemployed individuals divided by all individuals currently in the labor force .
Here it is 2/3*100 =66.67%
Answer 17. D When people will become optimistic about the gains from investment the demand for loanable funds will increase and it will put upward pressure on interest rate.
Answer 18. D Net exports will decrease because import will increase and net exports is the difference between exports and imports. GDP will remain unchanged as the shoe was not a part of US economy.
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