The unemployment rate is 6 percent. If the population is 300 million, and the number unemployed is 6 million and the number employed is 94 million, what is the size of the labor force?
What will be an ideal response?
The labor force is the sum of the number of employed people plus the number of unemployed people. Hence the labor force equals 94 million + 6 million = 100 million.
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Assuming all else equal, if the marginal product of labor rises, ________
A) there is a rightward movement along the labor demand curve B) the labor demand curve shifts to the right C) there is a leftward movement along the labor demand curve. D) the labor demand curve shifts to the left
The official U-3 unemployment rate includes the total number of people who
A) have jobs or are currently looking for jobs. B) are available and looking for work but unable to find employment. C) would like to have a job but have stopped seeking work. D) would like to have a full-time job but are working part-time.