Economics

Economics
Question 1

A labour force survey yields the following estimates:
Population 15 and older 30m
Employed 22m
Not working, but actively seeking work 1m
Full-time students 2m
Retired 3m
Not working, discouraged because of lack of jobs 0.5m
Not working, household workers 1.5m
Calculate the labour force participation rate and the unemployment rate.
Question 2

Draw a graph and explain briefly the role of preferences and constraints in determining the optimal choice of hours worked.
Question 3

Consider an individual with $5000 of annual non-labour income. She has total available time of 80 hours per week, for 52×80=4160 hours per year. Her current wage rate is $15 per hour, and she currently chooses to work 2000hours in a year.
Draw a labour-leisure diagram, carefully illustrating her current labour supply decisions.
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