As recessions begin, income a and unemployment both fall. b rises and unemployment falls. c falls and unemployment rises. d and unemployment both rise.
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rises and unemployment falls.
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falls and unemployment rises.
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d
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and unemployment both rise.
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- C. Employment and Unemployment Rate 1. Calculate for the employment and unemployment rate when the total population of a country is 777million, 377 million workers are unemployed and 225 million are employed. Employment Rate b. Unemployment Rate 2. The total population of a country is 985 million, 640 million workers are unemployed & 265 million are employed. Calculate: a. Employment Rate b. Unemployment Rate 3. Suppose an economy has a population of 65million people. There are 10 million people who are unemployed, and 45 million people are employed. What is the unemployment rate? Employment Rate b. Unemployment RateQuestion 23 The term natural in the phrase natural unemployment rate implies that the unemployment rate is as low as it can be when it is at the natural rate. that unemployment is at an ideal rate when it is at the natural rate. the unemployment rate that prevails when real GDP equals potential GDP. that the unemployment rate is at the highest rate it can be when it is at the natural rate. that the unemployment rate is at the rate it would be at if there were no minimum wage laws.B. Mark is about to graduate from college. After applying to jobs all over the country, Mark has just received 2 offers. The first offer is for a job in Des Moines, Iowa that pays $40,000. The second offer is for a job in Washington, D.C. that pays $50,000. The aggregate price level in Des Moines is $100, while the aggregate price level in Washington, D.C. is $200. 1. Calculate Mark's real income in each city. Assuming Mark takes the offer that maximizes his real value of income, which city will Mark head to next year? 2. In words, describe the meaning of 'real value of income.' 3. What other factors might Mark consider in his decision-making process? Think beyond numbers.
- Explain what the implications of moving towards a ‘gig economy’, where fewer people work full-time jobs, will have on the unemployment rate and on the output of the economy.8. The attached charts (Quits: Total Nonfarm) shows the quit rate (the number of who quit their job during the entire month as a percentage of total employment) and the unemployment rate (U-3). (a) All else constant, what effect does an increase in the quit rate have on the unemployment rate? (b) Do you consider job quits as frictional or structural unemployment? Why? (c) What happens to the quit rate during the recession of 2008? Why? Do we see the same effect in the recession of 2020? (d) What happened to the unemployment rate during the recessions of 2008 and 2020? How do you reconcile this answer with your answers for items (a) and (c)? (e) Use your answers to explain why the unemployment rate will never fall to zero and a certain amount of unemployment is desirable.Problem #1: Suppose the following data describe a nation's population: Year 1 Year 2 Population 320 million | 230 million Labor Force 150 million 160 million Unemployed | 6.5 million 6.9 million a. What is the unemployment rate each year? b. Has the economy experienced an increase or decrease in The number of unemployed persons? i. ii. The unemployment rate?
- 8. Using the following data, total population 900 million, population under 16 years of age or institutionalized 110 million, not in the labor force 125 million, unemployed but actively seeking a job 20 million, part-time workers looking for full-time jobs 10 million, calculate the official unemployment rate %1. Individuals with less than a high school diploma a. Have lower unemployment rates and higher earnings than those with a college degree. b. Have higher unemployment rates and higher earnings than those with a college degree. c. Have lower unemployment rates and lower earnings than those with a college degree. d. Have higher unemployment rates and lower earnings than those with a college degree.If economic growth occurs with demand increasing faster than supply, then Select one: a. Price level will decrease b. Price level will not change c. Price level will rise d. nominal wage will fall
- 8. T/F/U. The unemployment rate given that the number of employed workers is 180.5 million the number of non-working citizens is 76.856 million and the number of individuals no longer working and looking for a job is 70.8 million4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of cotton rises substantially. The demand for labor among cotton-producing firms in Texas will The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. O Improving a widely used job-search website so that it matches workers to job vacancies more effectively O Taxing the price of placing a resume or posting a job opening on a job-search website O Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the governmentEconomics Sarah is looking for work as a computer programmer. Although her prospects are good, she hasn't yet taken a job. Julie is looking for work in a steel mil, but there aren't many job ads for steelworkers and every time she shows up for an interview, there are many more people than openings. Which of the following best describes the nature of their unemployment? A. Sarah and Julie are both frictionally unemployed. B. Sarah and Julie are both structurally unemployed. C. Sarah is frictionally unemployed, and Julie is structurally unemployed. D. Sarah is structurally unemployed, and Julie is frictionally unemployed.
