(Answered) Us labor forcethe us labor force population and

Economics

US Labor Force.

The US labor force, population, and unemployment rate in January 2013 were as follows:

Labor Force 155,825,000

Population 315,079,109

Unemployment rate 8.0%

Based on these figures:

(a) How many people were unemployed?

(b) How many more jobs would be required to push the unemployment rate down to 5%?

(c) According to Okun's Law, how much would GDP have to increase (in percentage) in order to create enough jobs to push the unemployment rate down to 5%?

You can only find the percentage change needed from this information.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91944779
Price:- $30

Verified Expert

Priced at $60 Now at $30, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Assume that a salesman learned the price elasticity of

Assume that a salesman learned the price elasticity of demand for his products is -2.0. How many percent will increase in the total sales (revenue) if he cuts the price by 10%? Show your calculation process

A grocery store rewards card has a 7 digit number to

A grocery store rewards card has a 7 digit number to identify the user. The first digit must be 1 or 2. The remaining six digits take values randomly between 0 - 9 inclusively. What is the probability that the ID number ...

Suppose winstons loud music externalizes a cost onto his

Suppose Winston's loud music externalizes a cost onto his neighbor, Chloe. Suppose Winston and Chloe decide to solve this problem using the Coase theorem. If they are successful, what is a possible result of the executio ...

A if the required reserve ratio is 250 percent what is the

a. If the required reserve ratio is 2.50 percent, what is the monetary multiplier b. If the monetary multiplier is 5, what is the required reserve ratio?

An insurance company will pay dave 220000 the market value

An insurance company will pay Dave $220,000 (the market value of the house) should his house be destroyed by fire during the year. In return, Dave pays the insurance company $1280 that year (called the "premium") for tha ...

A manufacture claims that the life span of its tires is

A manufacture claims that the life span of its tires is 52,000 miles. You work for a consumer protection agency and you are testing these tires. Assume the life spans of these tires are normally distributed. You select 1 ...

Why would the communities in the territories not be listed

Why would the communities in the territories not be listed for government transfer payments? Why do cities and towns get government transfer income?

Four balls are independently projected onto one target the

Four balls are independently projected onto one target, the probability of a hit for each is P1 = 0.1 , P2 = 0.2 , P3 = 0.3 , P4 = 0.4. What are the probabilities P04, P14, P24, P34, P44 that zero, one (1), two (2), thre ...

A researcher records the repair cost for 8 randomly

A researcher records the repair cost for 8 randomly selected washers. A sample mean of $60.46 and standard deviation of $18.36 are subsequently computed. Determine the 90% confidence interval for the mean repair cost for ...

What is comparative statics analysis and how does it

What is comparative statics analysis and How does it compare with sensitivity analysis ? What is analysis used in finance, accounting, and statistics?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert