Answer the Questions Below

question 86

Essay

Answer the questions below:
(A)Fill in the table below showing how many people were employed at the midpoint of each decade.
(B)Suppose the projection for the working-age population in the year 2005 is 153 million. If the unemployment rate and the labor force participation rate are the same in 2005 as they are in 1995, how much employment will there be?
(C)Using the same projection of 153 million for working-age population in 2005, calculate the employment with an unemployment rate of 7.2 percent and a labor force participation rate of 60 percent. Do the same for a labor force participation rate of 70 percent. Which of these estimates do you think is more realistic? Why?

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Definitions:

Unearned Rent

Income received for rent that has not yet been earned because the rental period has not taken place. It is recorded as a liability until the rent is earned.

Office Salaries Payable

This term refers to the obligation or amounts due to office employees for wages earned but not yet disbursed by the company.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since its acquisition.