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Vladimir79 [104]
2 years ago
5

Scenario 28-1 Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categori

zed as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment. Refer to Scenario 28-1. How many people are unemployed
Business
1 answer:
tino4ka555 [31]2 years ago
4 0

Answer: 3 million.

Explanation:

Unemployment is defined as when a member of a Country's labor force is jobless but actively looking for work.

In the Scenario 28-1, the discouraged people are not counted as they are discouraged and not looking for work and 1 million other people being students and retirees amongst others are not looking for work either.

The unemployed section of Mankiwland is therefore the 3 million unemployed people.

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Answer: $1750

Explanation:

Given Data

Earnings = $44/ hr

Overtime Earnings = 1.5 times Of $44

= $66

Hours worked during the week = 55 hrs

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Federal income tax = $633

Therefore:

Gross pay = Normal pay + overtime pay

Normal pay

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Overtime pay

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Social security tax

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Medicare tax

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Total tax

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Net pay

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= $1910.75

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