Macroeconomics Questions Chapter 15 Problems & Applications ECO 102 Intro to Macroeconomics

1. The Bureau of Labor Statistics announced that in January 2013, of all adult Americans, 143,322,000 were employed, 12,332,000 were unemployed, and 89,008,000 were not in the labor force. Use this information to calculate:

a) the adult population
b) the labor force
c) the labor-force participation rate
d) the unemployment rate

5. Are the following workers more likely to experience short-term or long-term unemployment? Explain

a) a construction worker laid off because of bad weather
b) a manufacturing worker who loses his job at a plant in an isolated area
c) a stagecoach-industry worker laid off because of competition from railroads
d) a short-order cook who loses his job when a new restaurant opens across the street
e) an expert welder with little formal education who loses his job when the company installs automatic welding machinery

7. Consider an economy with two labor markets—one for manufacturing workers and one for service workers. Suppose initially that neither is unionized.

a) If manufacturing workers formed a union, what impact would you predict on the wages and employment in manufacturing?
b) How would these changes in the manufacturing labor market affect the supply of labor in the market for service workers?
What would happen to the equilibrium wage and employment in this labor market?

Course: ECO 102 Intro to Macroeconomics
School: Community College of Alleghany County

  • 07/04/2017
  • 20
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