1. Place the phases of the Business Cycle in order. The phases (in no particular order here) are: Recession, Trough, Peak, Expansion 2. Suppose that an economy has 9 million people working full-time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged workers who have given up looking for work and are currently unemployed. What is this economy's unemployment rate? 3. Which of these scenarios is structural as opposed to frictional unemployment: Tim just graduated and is looking for a job, or bus and truck drivers permanently lose their jobs when driverless, computer-driven vehicles become perfected and make human drivers redundant? 4. Please go to www.bls.gove and locate the most recent U.S. unemployment report. What was the most recent national unemployment rate? Try to locate the most recent numbers for workers who want full time work but can only find part time work. How does this cause the official unemployment rate to be "understated"? Try to find the most recent number of "discouraged workers". What are discouraged workers and how does this cause the official unemployment rate to be understated? Please submit your answers using a Word document file upload.
1. Place the phases of the Business Cycle in order. The phases (in no particular order here) are: Recession, Trough, Peak, Expansion 2. Suppose that an economy has 9 million people working full-time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged workers who have given up looking for work and are currently unemployed. What is this economy's unemployment rate? 3. Which of these scenarios is structural as opposed to frictional unemployment: Tim just graduated and is looking for a job, or bus and truck drivers permanently lose their jobs when driverless, computer-driven vehicles become perfected and make human drivers redundant? 4. Please go to www.bls.gove and locate the most recent U.S. unemployment report. What was the most recent national unemployment rate? Try to locate the most recent numbers for workers who want full time work but can only find part time work. How does this cause the official unemployment rate to be "understated"? Try to find the most recent number of "discouraged workers". What are discouraged workers and how does this cause the official unemployment rate to be understated? Please submit your answers using a Word document file upload.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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part 2
Transcribed Image Text:1. Place the phases of the Business Cycle in order. The phases (in no particular order here) are: Recession, Trough, Peak, Expansion
2. Suppose that an economy has 9 million people working full-time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged
workers who have given up looking for work and are currently unemployed. What is this economy's unemployment rate?
3. Which of these scenarios is structural as opposed to frictional unemployment: Tim just graduated and is looking for a job, or bus and truck drivers permanently lose their jobs when
driverless, computer-driven vehicles become perfected and make human drivers redundant?
4. Please go to www.bls.gove and locate the most recent U.S. unemployment report. What was the most recent national unemployment rate? Try to locate the most recent numbers
for workers who want full time work but can only find part time work. How does this cause the official unemployment rate to be "understated"? Try to find the most recent number of
"discouraged workers". What are discouraged workers and how does this cause the official unemployment rate to be understated?
Please submit your answers using a Word document file upload.
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