Principles of Macroeconomics

Central_Texas_College_-_ECON_2301_Chapter_5.docx-Suppose that furniture production encompasses the

In this real-life example, is Johnathan part of the labor force? Is Lesette part of the labor force? Johnathan is part of the labor force; Lesette is not part of the labor force. Johnathan is not part of the labor force; Lesette is part of the labor force. Neither Johnathan nor Lesette is part of the labor force. Both Johnathan and Lesette are part of the labor force. The table below reports the employment situation for actors nationally for 2007 and for the fourth quarter of 2008 after the economy started to deteriorate. a. Fill in the missing data for the number of unemployed actors and the unemployment rate. Employment Situation for Actors (thousands of workers)   labor force employed unemployed unemployment rate   2007, full year 37 28 9   24   %   2008, fourth quarter 38 21 17   45   % Data: National Endowment for the Arts, March 2009 b. How many percentage points did the unemployment rate for actors rise between 2007 and the fourth quarter of 2008?   21   According to the Bureau of Labor Statistics, the average annual wage for actors in the New York area is $35 an hour. a. If the actor is working full-time for a year (40 hours a week for 50 weeks), how much do they earn for a year? $ 70,000   b. If they are unemployed roughly half the time, how much do they earn for the year? $ 35,000  

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