Unemployment Rate Analysis in a Fictional Economy

This essay sample essay on Suppose The Working-age Population Of A Fictional Economy Falls Into The Following Categories: 90 Are Retired Or Homemakers; 60 Have Full-time Employment; 20 Have Part-time Employment; 20 Do Not Have Employment, But Are Actively Looking For Employment; And 10 Would Like Employment But Do Not Have Employment And Are Not Actively Looking For Employment. The Official Unemployment Rate As Calculated By The U.s. Bureau Of Labor Would Equal offers an extensive list of facts and arguments related to it. The essay’s introduction, body paragraphs and the conclusion are provided below.

Special Feature: Chapter Opener: Caterpillar Announces Plans to Lay Off Workers 2) The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. Should you go back to school and get a second major? A) Yes, the recession will ensure that you will never find a job as programmer _ B) Yes, the recession will lower income in my field permanently.

C) No, the recession will most likely be short-lived and I can get a job after it is over. D) No, the recession will have no impact on my ability to get a job or my future income. Answer: C

Dif:2 Page Ref: eggnog Topic: How Long Are People Typically Unemployed? Learning Outcome: Macro-14 Identify different types and measures Of Special Feature: Economics in Your Life: Should You Change Your Career Plans if You Graduate During a Recession? 3) The unemployment rate is an important economic statistic that can tell us about the health of the economy.

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If the unemployment rate turns out to be high or higher than anticipated, we would expect A) it is more likely that an incumbent president will be re-elected. B) that stock prices are more likely to C) that jobs are less difficult to find.

Which Of The Following Cause The Unemployment Rate As Measured By The Bureau Of Labor Statistics To Understate The True Extent Of Joblessness?

D) that investors will be more optimistic about the economy. Answer: B Dirt: 1 Page Ret: 630/264 Topic: The Unemployment Rate Recurring Learning Outcome: Macro-14 Identify different types and measures of 4) The Bureau of Labor Statistics would categorize a person as if they were temporarily away from their job because they ever ill. A) employed B) unemployed C) a discouraged worker D) out Of the labor force Dif:l Page Ref: 630/264 Topic: The Household Survey * Recurring Learning Outcome: Macro-14: Identity different types and measures of 5) The Bureau of Labor Statistics would categorize a retiree who is not working as

A) employed, B) unemployed. C) a discouraged worker. D) out of the labor force. Answer: D Differ Page Ref: 630/264 6) The labor force equals the number of people A) employed. C) employed plus unemployed. D) in the working-age population. Answer: C 7) Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. This would A) increase the measured unemployment rate, B) increase the measured labor force participation rate. C) decrease the number of persons in the labor force, D) decrease the number of persons in the working-age population.

Answer: B Dif:3 Page kef: 632-633/266-267 Topic: Labor Force Participation Special Feature: Solved Problem. What Happens if You Include the Military? 8) Suppose the working-age population Of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment: 20 have part-time employment; 20 do not hue employment, but are actively looking for employment; and 10 would like employment but do not have employment and are not actively looking for employment.

The Official unemployment rate as calculated by the U. S. Bureau of Laborious equal A) (20/60) x 100. B) (20/80) 100. C) (30/80) x 100. D) (20/100) 100. Dif:2 Page Ret 631/265 9) Suppose the labor force stays constant, and the working-age population stays constant, but a greater number of persons who were unemployed become employed. The labor force participation rate will A) increase. B) decrease. C) remain constant. D) not change in a way that can be predicted.

Dif:2 Page Ref: 631/265 10) The unemployment rate equals the number of unemployed divided by the , all times 100. A) number of employed B) labor force C) working-age population D) total population Answer: B Dirt: 1 Page Ref: 631/265 1) Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their jobs and become full time college students. This would cause A) the unemployment rate to decrease. B) the labor force participation rate to decrease.

C) the number of discouraged workers to increase. D) no change in the unemployment rate. Dif:3 Page Ref: 631/265 12) Someone who is available for work but has not actively looked for work in the previous four weeks would be classified as A) employed. B) unemployed, C) not in the labor force. D) not in the working-age population, page Ret 630/264 3) The labor force participation rate equals the A) (number of employed divided by the labor force) x 100. B) (labor force divided by the number of people not in the labor force) x 100.

C) (labor force divided by working-age population) x 100. D) (labor force divided by the total population) x 100. Dif:l Page Ref: 631/265 14) Fifth 81_S counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would A) decrease the measured unemployment rate. B) decrease the measured labor force participation rate. C) decrease the number to persons in the labor force. D) decrease the number of persons in the working-age population.

Answer: A Dif:2 Page Ref: 632-633/266-267 Special Feature: Solved Problem: What Happens if You Include the Military? IS) Which of the following labor market statistics best indicates the amount of labor that is available to the economy from a given working-age population? A) unemployment rate B) discouraged-worker ratio C) labor force participation rate D) the ratio of minimum wage to inflation *: Recurring Learning Outcome: Macro. 14: Identify different types and measures of 16) Which of the following cause the unemployment rate as measured by the

Bureau of Labor Statistics to understate the true extent of joblessness? A) inflation B) discouraged workers C) people employed in the underground economy D) unemployed persons falsely report themselves to be actively looking for a job Dif:2 page Ret 633-634/267-268 Topic: Problems with Measuring the Unemployment Rate _ Recurring 1 7) Which Of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to overstate the true extent of joblessness?

A) inflation C) counting people as employed who are working part time, although they would prefer to be working full time D) unemployed persons falsely report themselves o be actively looking for a job Answer: D Dif:2 Page Ref: 633-634/267-268 18) Which of the following explains the changes in the LIST. Adult male labor force participation rate since 1948? A) More men are joining the military as compared to the past. B) More men are retiring later in elite as compared to the past.

C) Fewer men consider themselves discouraged workers as compared to the past, D) Younger men are remaining in school longer as compared to the past Answer: Dif:l Page Ref: 634/268 Topic: Labor Force Participation unemployment and discuss its causes I g) After the recession of 2007-2009, the unemployment rate peaked at 10. Percent in October 2009. Eighteen months later, it had A) dropped by SO percent. B) declined by only 1 percentage point. C) remained at 10. 1 percent. D) fallen to the natural rate of unemployment.