ECON2030 Week 11 Post F21

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School

Louisiana State University *

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Course

2030

Subject

Economics

Date

Feb 20, 2024

Type

pptx

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Uploaded by CommodoreRam830

Household survey. The sample is selected to reflect the entire civilian noninstitutional population. Based on responses to a series of questions on work and job search activities, each person 16 years and over in a sample household is classified as employed, unemployed, or not in the labor force. People are classified as employed if they did any work at all as paid employees during the reference week; worked in their own business, profession, or on their own farm; or worked without pay at least 15 hours in a family business or farm. People are also counted as employed if they were temporarily absent from their jobs because of illness, bad weather, vacation, labor-management disputes, or personal reasons. People are classified as unemployed if they meet all of the following criteria: they had no employment during the reference week; they were available for work at that time; and they made specific efforts to find employment sometime during the 4-week period ending with the reference week. Persons laid off from a job and expecting recall need not be looking for work to be counted as unemployed. The unemployment data derived from the household survey in no way depend upon the eligibility for or receipt of unemployment insurance benefits. The civilian labor force is the sum of employed and unemployed persons. Those persons not classified as employed or unemployed are not in the labor force. The unemployment rate is the number unemployed as a percent of the labor force. The labor force participation rate is the labor force as a percent of the population, and the employment-population ratio is the employed as a percent of the population.

Suppose Kurt, a 73-year-old lawyer living and working in Baton Rouge, has spent the last four weeks on vacation in the Caribbean. During this period, he has been relaxing on his sailboat and has not done any work. 1) Is Kurt included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)? Yes, over 16, not in prison 2) Is Kurt classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)? Yes, he is just on vacation 3) Is Kurt classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)? 4) Is Kurt classified as not in the labor force? Why (the end)?

Suppose Albert, an 81-year-old former private investigator, was retired and living in Surprise, Arizona when his pension fund collapsed. Three weeks ago, in order to augment his meager income, Albert applied for a job as a receipt checker at the local Wal-Mart, a position he is eager to fill immediately if offered. At present, however, he is still waiting on a response and has not applied for any other jobs. 1) Is Albert included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)? yes 2) Is Albert classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)? No 3) Is Albert classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)? Yes, he applied at Walmart and is eager to fill a position 4) Is Albert classified as not in the labor force? Why (the end)?

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Suppose 15-year-old Joe and his 17-year-old brother Frank are full-time high school students. Suppose further that Joe works 20 hours per week, for pay, at a local fast-food restaurant. Frank, on the other hand, does not currently have a job. After constantly hearing about his brother's exciting work adventures, Frank obtained a job application at the same restaurant two weeks ago. While he is able to begin immediately, Frank has not yet submitted his application. 1) Is Joe included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)? No, he’s 15 2) Is Joe classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)? 3) Is Joe classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)? 4) Is Joe classified as not in the labor force? Why (the end)?

Suppose 15-year-old Joe and his 17-year-old brother Frank are full-time high school students. Suppose further that Joe works 20 hours per week, for pay, at a local fast-food restaurant. Frank, on the other hand, does not currently have a job. After constantly hearing about his brother's exciting work adventures, Frank obtained a job application at the same restaurant two weeks ago. While he is able to begin immediately, Frank has not yet submitted his application. 1) Is Frank included in the civilian noninstitutional population? If so, why (and continue to Q#2)? If not, why not (the end)? Yes, he’s 17 2) Is Frank classified as employed? If so, why (the end)? If not, why not (and continue to Q#3)? No, he has no job and isn’t between jobs 3) Is Frank classified as unemployed? If so, why (the end)? If not, why not (and continue to Q#4)? No, he has not submitted his application 4) Is Frank classified as not in the labor force? Why (the end)? Yes

On Friday morning, 03 November 2017, Nick was very busy and only took a brief look at the October 2017 Employment Situation Report for the United States. While driving home that afternoon, he recalled the report and thought, "Hmmm...that's strange." All he could remember about the report was three pieces of information. First, the unemployment rate in October fell to 4.1 percent. Second, the number of people classified as employed decreased from its September level. Third, the civilian noninstitutional population increased from its September level. 1) Nick concluded with certainty that the number of people classified as unemployed in October 2017 __ > ___ its September 2017 level. 2) Nick concluded with certainty that the number of people in the civilian labor force in October 2017 __<___ its September 2017 level. 3) Nick concluded with certainty that the number of people classified as not in the labor force in October 2017 __>___ its September 2017 level.

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Person Unemployed Job Opening? Yes No Skills/Geographic Match? Why? Yes No Economic Cultural/Atmospheric Frictional Structural Cyclical Seasonal

Suppose 37-year-old Chris is a mother who has become bored with staying at home and raising her two-year-old daughter. As a result, she has placed her child in day care, is available to begin a job immediately, and has been actively seeking employment for the last seven weeks. In this situation Chris would be considered _____ unemployed. 1. frictionally 2. structurally 3. cyclically 4. seasonally

Suppose Leslie lost her job when the typewriter factory closed down nine years ago and has been unemployed ever since. Leslie would be considered _____ unemployed. 1. frictionally 2. structurally 3. cyclically 4. seasonally

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Suppose Mark lost his job as a sales executive due to a recession. He sends his résumé to thirty companies per week on average and is available to begin a job immediately, if offered one. In this situation, Mark would be considered _____ unemployed. 1. frictionally 2. structurally 3. cyclically 4. seasonally

Suppose Brian lost his job as a tennis instructor when his hotel on Long Island, New York closed for the winter. In this situation, Brian would be considered _____ unemployed. 1. frictionally 2. structurally 3. cyclically 4. seasonally

Answer true or false to the following statement. An economy that is operating at full employment is experiencing a zero percent rate of unemployment. 1. True. 2. False. -bc There will always be structural and frictional unemployment in a dynamic economy.

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The month-to-month percent change in the total CPI (Consumer Price Index) is the most publicized measure of 1. inflation. 2. the inflation rate. 3. the economic growth rate. 4. the business cycle. 5. the unemployment rate.

The following data are the seasonally adjusted percent changes from the preceding month for the United States. The inflation rate in August 2021, as measured by the percent change in total CPI, was higher than/ lower than/the same as it was in July 2021. The inflation rate in August 2021, as measured by the percent change in core CPI, was higher than/lower than/the same as it was in July 2021. The aggregate price level in August 2021, as measured by the total CPI, was higher than/lower than/the same as it was in July 2021. The aggregate price level in August 2021, as measured by the core CPI, was higher than/lower than/the same as it was in July 2021. July 2021 August 2021 Total CPI +0.5 +0.3 Core CPI +0.3 +0.1

Real Rate = Nominal Rate – (Expected) Rate of Inflation (Expected) Rate of Inflation = Nominal Rate – Real Rate Nominal Rate = Real Rate + (Expected) Rate of Inflation Note: Nominal and real rates can be interest rates, economic growth rates, or income growth rates.

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In which of the following situations would the nominal interest rate be the highest? 1. The real interest rate is -1 percent, and the expected inflation rate is 3 percent. 2. The real interest rate is 0 percent, and the expected inflation rate is 1 percent. 3. The real interest rate is 1 percent, and the expected inflation rate is -1 percent. 4. The real interest rate is 2 percent, and the expected inflation rate is 2 percent. 5. The real interest rate is 3 percent, and the expected inflation rate is 0 percent. Real rate + expected inflation

In which of the following situations would it be MOST advantageous to be lending? 1. The nominal interest rate is 1 percent, and the expected inflation rate is 0 percent. 2. The nominal interest rate is 3 percent, and the expected inflation rate is 1 percent. 3. The nominal interest rate is 4 percent, and the expected inflation rate is 7 percent. 4. The nominal interest rate is 13 percent, and the expected inflation rate is 9 percent. 5. The nominal interest rate is 15 percent, and the expected inflation rate is 15 percent. Nominal rate – expected inflation rate

If real income has decreased by 2 percent and the aggregate price level has increased by 5 percent, then nominal income has _____ by _____ percent, everything else held constant. 1. increased; 3 2. decreased; 3 3. increased; 7 4. decreased; 7 5. increased; 10 6. decreased; 10 Nominal income= -2 - (-5) = +3

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ECON2030 Week 11 Post F21

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