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1、Chapter 28Problems and Applications1.The labor force consists of the number of employed (142,076,000) plus the number of unemployed (7,497,000), which equals 149,573,000. To find the labor-force participation rate, we need to know the size of the adult population. Adding the labor force (149,573,000
2、) to the number of people not in the labor force (76,580,000) gives the adult population of 226,153,000. The labor-force participation rate is the labor force (149,573,000) divided by the adult population (226,153,000) times 100%, which equals 66%.The unemployment rate is the number of unemployed (7
3、,497,000) divided by the labor force (149,573,000) times 100%, which equals 5.0%.2.Many answers are possible.3.Men age 55 and over experienced the greatest decline in labor-force participation. This was because of increased Social Security benefits and retirement income, encouraging retirement at an
4、 earlier age.4.Younger women experienced a bigger increase in labor-force participation than older women because more of them have entered the labor force (in part because of social changes), so there are more two-career families. In addition, women have delayed having children until later in life a
5、nd have reduced the number of children they have, so they are in the labor force for a greater proportion of their lives than was the case previously.5.The fact that employment increased 1.5 million while unemployment declined 0.6 million is consistent with growth in the labor force of 0.9 million w
6、orkers. The labor force constantly increases as the population grows and as labor-force participation increases, so the increase in the number of people employed may always exceed the reduction in the number unemployed.6.a.A construction worker who is laid off because of bad weather is likely to exp
7、erience short-term unemployment, because the worker will be back to work as soon as the weather clears up.b.A manufacturing worker who loses her job at a plant in an isolated area is likely to experience long-term unemployment, because there are probably few other employment opportunities in the are
8、a. She may need to move somewhere else to find a suitable job, which means she will be out of work for some time.c.A worker in the stagecoach industry who was laid off because of the growth of railroads is likely to be unemployed for a long time. The worker will have a lot of trouble finding another
9、 job because his entire industry is shrinking. He will probably need to gain additional training or skills to get a job in a different industry.d.A short-order cook who loses his job when a new restaurant opens is likely to find another job fairly quickly, perhaps even at the new restaurant, and thu
10、s will probably have only a short spell of unemployment.e.An expert welder with little education who loses her job when the company installs automatic welding machinery is likely to be without a job for a long time, because she lacks the technological skills to keep up with the latest equipment. To
11、remain in the welding industry, she may need to go back to school and learn the newest techniques. 7.Figure 2 shows a diagram of the labor market with a binding minimum wage. At the initial minimum wage (m1), the quantity of labor supplied L1S is greater than the quantity of labor demanded L1D, and
12、unemployment is equal to L1S L1D. An increase in the minimum wage to m2 leads to an increase in the quantity of labor supplied to L2S and a decrease in the quantity of labor demanded to L2D. As a result, unemployment increases as the minimum wage rises.Figure 28.a.Figure 3 illustrates the effect of
13、a union being established in the manufacturing labor market. In the figure on the left, the wage rises from w1U to w2U and the quantity of labor demanded declines from U1 to U2D. Because the wage is higher, the quantity supplied of labor increases to U2S, so there are U2S U2D unemployed workers in t
14、he unionized manufacturing sector. b.When those workers who become unemployed in the manufacturing sector seek employment in the service labor market, shown in the figure on the right, the supply of labor shifts to the right from S1 to S2. The result is a decline in the wage in the nonunionized serv
15、ice sector from w1N to w2N and an increase in employment in the nonunionized service sector from N1 to N2. Figure 39.a.When the Japanese developed a strong auto industry, U.S. auto demand became more elastic as a result of increased competition. With more elastic demand for autos, the elasticity of
16、demand for American autoworkers increased.b.Because the rise in auto imports made the demand for autoworkers more elastic, to maintain a higher-than-competitive wage rate requires a greater reduction in the quantity of labor demanded. So the union had to choose between allowing the union wage to decline or facing the loss of many jobs.c.Given the trade-off faced by the union, the g
