ECON 4710 Lecture Notes - Lecture 14: Marginal Product, Real Wages

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7 Mar 2017

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In the us labor market: wages account for 2/3 of the per capita gdp, average wages have grown at 2% per year in the last century, wages = 2/3 (y/l) Civilian population (16+) can be divided into 2 parts: not in the labor force (full time students, retired people, people who choose not to work, etc. ) In the labor force: employed, unemployed (cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1865)(cid:1857)(cid:1866)(cid:1872) (cid:1855)(cid:1874)(cid:1864)(cid:1853)(cid:1866) (cid:1868)(cid:1867)(cid:1868)(cid:1873)(cid:1864)(cid:1853)(cid:1872)(cid:1867)(cid:1866)=(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1865)(cid:1857)(cid:1866)(cid:1872) (cid:1868)(cid:1867)(cid:1868)(cid:1873)(cid:1864)(cid:1853)(cid:1872)(cid:1867)(cid:1866) (cid:1853)(cid:1872)(cid:1867) (cid:1873)(cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856) (cid:1873)(cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1865)(cid:1857)(cid:1866)(cid:1872) (cid:1853)(cid:1872)(cid:1857)= (cid:1864)(cid:1853)(cid:1854)(cid:1867) (cid:1858)(cid:1867)(cid:1855)(cid:1857) (cid:4666)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856)+(cid:1873)(cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856)(cid:4667) (cid:1864)(cid:1853)(cid:1854)(cid:1867) (cid:1858)(cid:1867)(cid:1855)(cid:1857) (cid:1868)(cid:1853)(cid:1872)(cid:1855)(cid:1868)(cid:1853)(cid:1872)(cid:1867)(cid:1866) (cid:1853)(cid:1872)(cid:1857)= (cid:1864)(cid:1853)(cid:1854)(cid:1867) (cid:1858)(cid:1867)(cid:1855)(cid:1857) (cid:4666)(cid:1873)(cid:1866)(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856)+(cid:1857)(cid:1865)(cid:1868)(cid:1864)(cid:1867)(cid:1857)(cid:1856)(cid:4667) (cid:1855)(cid:1874)(cid:1864)(cid:1853)(cid:1866) (cid:1868)(cid:1867)(cid:1868)(cid:1873)(cid:1864)(cid:1853)(cid:1872)(cid:1867)(cid:1866) Labor force participation rate: the people who want to work relative to the number of people who can work. Some people give up looking for work, which causes the unemployment rate to decrease but the labor force participation rate will reflect this change. Civilian labor force: 159716 civilian population: 254082: lfpr = 159716/254082 = 62. 9. Unemployed people: 7635 civilian labor force: 159716: unemployment rate: 4. 8%

Related Questions

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i.are less than 16 years of age.

ii.are in institutions.

iii.are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

5) Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million, and the working-age population is 175 million people. What is the unemployment rate?

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

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