Question 1

A country has a total population of 100 million.Out of this, 60 million people are of working age.Out of this 60 million people, 43.2 million people are employed and 4.8 million are unemployed.The unemployment rate in the country is______ .?

Accepted Answer

A

Question 2

If output grew 3.9 percent last year and hours worked grew 1.3 percent,then by how much did labor productivity grow over the year?

Accepted Answer

Labor productivity is calculated by dividing output by hours worked. Therefore, labor productivity growth can be calculated as: (3.9% output growth - 1.3% hours worked growth) = 2.6%. Therefore, labor productivity grew by 2.6% over the year.

Question 3

The labor force consists of

Accepted Answer

The labor force consists of those who are employed and those who are unemployed, meaning they are actively seeking employment but currently do not have a job. Option A includes only those on temporary layoff, while option C excludes those who are in the military or institutionalized. Option D includes everyone in the working-age population, including those who may not be able or willing to work, such as students or retirees. Therefore, option B is the best choice.

Question 4

If the population of a country is 320 million, the working-age population is 215 million, the labor force is 145 million, and the number of people who are employed is 137 million, then the unemployment rate is

Accepted Answer

The unemployment rate is the number of unemployed people divided by the labor force. In this case, the number of unemployed people is the labor force (145 million) minus the number of people who are employed (137 million), which equals 8 million. Therefore, the unemployment rate is 8 million divided by the labor force (145 million), which equals approximately 5.5 percent.

Question 5

15 million people in a country are employed and 2.5 million are unemployed while 1 million are retired workers.The size of the country's labor force is

Accepted Answer

The labor force is made up of employed and unemployed individuals who are seeking employment, which means that the retired workers are not included in the labor force. Therefore, the size of the country's labor force is 15 million (employed) + 2.5 million (unemployed) = 17.5 million.

Question 6

​A country has a working population of 85 million.Out of the 85 million people, 51 million are employed and 17 million are unemployed.The labor-force participation rate of the country is

Accepted Answer

The labor-force participation rate is the percentage of the working-age population that is employed or actively seeking employment. In this case, the labor-force participation rate is (51 million + 17 million) / 85 million * 100 = 80%.

Question 7

In 2004, the number of unemployed people in a country decreased from 8.8 million to 8.1 million, while the labor force increased from 146.5 million to 147.4 million.By how much did the unemployment rate decrease?

Accepted Answer

The unemployment rate is calculated as (number of unemployed people / labor force) * 100. In 2004, the initial unemployment rate was (8.8 million / 146.5 million) * 100 = 6.01%. The final unemployment rate was (8.1 million / 147.4 million) * 100 = 5.49%. The decrease in the unemployment rate was 6.01% - 5.49% = 0.52 percentage points, which rounds to 0.5 percentage points.

Question 8

Country X has a population of 70 million, of which 32 million are employed and 8 million are unemployed but looking for employment.The size of the labor force in Country X is .

Accepted Answer

The labor force includes both the employed and the unemployed who are looking for employment. Therefore, in Country X, the labor force size is 32 million (employed) + 8 million (unemployed) = 40 million.

Question 9

Labor productivity is calculated as

Accepted Answer

Labor productivity is calculated by dividing the output produced by labor by the number of hours worked. This gives us a measure of the efficiency of labor in producing goods and services.

Question 10

In 2004, the number of people in the working-age population in a country increased from 221.2 million to 223.4 million, while the labor force increased from 146.5 million to 147.4 million.By how much did the labor-force participation rate change?

Accepted Answer

The labor-force participation rate is calculated as (labor force / working-age population) * 100. Initially, it was (146.5 / 221.2) * 100 = 66.25%. Later, it became (147.4 / 223.4) * 100 = 65.98%. The change is 66.25% - 65.98% = -0.27%, which rounds to -0.2 percentage point.

Question 11

In 2001, the number of unemployed people in a country increased from 5.7 million to 8.3 million, while the labor force increased from 141.5 million to 142.3 million.By how much did the unemployment rate increase?

Accepted Answer

The unemployment rate is calculated as (Number of Unemployed / Labor Force) * 100. Initially, the unemployment rate was (5.7 / 141.5) * 100 = 4.03%. Later, it was (8.3 / 142.3) * 100 = 5.83%. The increase in the unemployment rate is 5.83% - 4.03% = 1.8 percentage points.

Question 12

If the population in a country is 182 million, the working-age population is 134 million, the number of employed people is 73 million, and the number of unemployed people is 14 million, then the unemployment rate in the country is

Accepted Answer

The answer of If the population in a country is...

Question 13

If the working-age population in a country is 215 million, the labor force is 145 million, and the number of employed people is 137 million, then the labor-force participation rate in the country is

Accepted Answer

Labor-force participation rate = (Labor force / Working-age population) x 100%
= (145 million / 215 million) x 100%
= 67.4%

Question 14

If the population in a country is 182 million, the working-age population is 134 million, the number of employed people is 73 million, and the number of unemployed people is 14 million, then the labor-force participation rate in the country is

Accepted Answer

The labor-force participation rate is the ratio of the working-age population that is either employed or actively seeking employment, to the total working-age population. Therefore, the labor-force participation rate can be calculated as follows:

Labor-force participation rate = (employed + unemployed) / working-age population

= (73 million + 14 million) / 134 million

= 0.59 or 59%

Therefore, the labor-force participation rate in the country is 59%, or 64.9% as a percentage. The correct answer is B.

Question 15

If output grew 2.8 percent last year and labor productivity grew 1.1 percent, then by how much did hours worked grow over the year?

Accepted Answer

The correct answer is C because hours worked grew by 1.7 percent.

Question 16

In 2001, the number of people in the working-age population in a country increased from 212.6 million to 215.1 million, while the labor force increased from 141.5 million to 142.3 million.By how much did the labor-force participation rate change?

Accepted Answer

The labor-force participation rate is calculated as (labor force / working-age population) * 100. Initially, the rate was (141.5 / 212.6) * 100 = 66.6%. Later, it became (142.3 / 215.1) * 100 = 66.2%. The change is 66.2% - 66.6% = -0.4 percentage points.

Question 17

Suppose a country has a population of 61 million, of which 37 million are in the working-age population.Of those, 11 million are not in the labor force and 23 million are employed.The labor-force participation rate is

Accepted Answer

The labor-force participation rate is calculated as the labor force divided by the working-age population. The labor force is the sum of employed and unemployed individuals. Here, the labor force is 23 million employed + (37 million working-age - 23 million employed - 11 million not in labor force) = 26 million. The participation rate is (26 million / 37 million) * 100 = 70.3 percent.

Question 18

Labor productivity multiplied by the number of hours worked gives

Accepted Answer

Labor productivity multiplied by the number of hours worked gives total output. This is because labor productivity reflects the output produced by a worker in a given period of time, and multiplying it by the number of hours worked gives the total output produced by that worker.

Question 19

Suppose a country has a population of 61 million, of which 37 million are in the working-age population.Of those, 11 million are not in the labor force and 23 million are employed.The unemployment rate is

Accepted Answer

The total number of unemployed individuals can be calculated by subtracting the number of employed individuals from the working-age population that is not in the labor force:

Unemployed = 37 million - (11 million + 23 million) = 3 million

The unemployment rate is then calculated by dividing the number of unemployed individuals by the total working-age population:

Unemployment rate = (3 million / 37 million) x 100% = 8.1%

Therefore, the correct answer is B) 11.5 percent.

Question 20

In which period was the rate of output growth the fastest in the U.S.economy?

Accepted Answer

The period from 1949 to 1970 is often cited as a time of rapid economic expansion in the U.S., characterized by strong GDP growth, increased productivity, and significant advancements in technology and infrastructure. This era, following World War II, is known for its robust economic performance and is commonly referred to as the post-war economic boom.

Quiz 10: Economics Growth and Business Cycles