Consider the following population in our sample town.a) How many people in this population according to the BLS are unemployed? Why?b) Calculate the unemployment rate.StatusUnpaid stay at home dad. Has not looked for a job in several yearsCollege president.Part-time welder. Actively looking for full time workSelf-employed full-time wedding singer.Full-time physician's assistant.Retired finance professor. Last applied for work 10 weeks agoLaid-off fork-lift operator expecting to be recalled.Works for a bicycle store. Age 70Manager of health food storeMuseum guard. Was not at work last week due to illnessHas never been employed. Looked for a job last week.Fired from job as an investment banker. Last looked for work three weeks ago.PersonAllenBenAllisonBrittanyCathyCalvinDianeDavidEvelynEliFloraFrank

Answer - By the definition of Unemployment - A person is defined as unemployed if they are…

Answered: Consider the following population in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Structural Frictional Cyclical Felix recently lost his job as a waiter at a local restaurant. A recent increase in the minimum wage keeps local employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. He continues to look for a job, but he's considering going back to school for vocational training. Janet just moved with her husband to Portland, Oregon. She's looking for a job as a paralegal. Automobile demand has fallen during a recent recession, and Megan has been laid off from her job on the assembly line. The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Unemployment…
20. The economy is fully employed when there is no: cyclical unemployment seasonal unemployment structural unemployment frictional unemployment
Which of the following statements would come from someone classified as unemployed? Question 38 options: a) I’m a full-time student at the University of Illinois (Go Illini!) who doesn’t have time to work. b) I’m not working because I’m going to Jamaica with my buddy. Dr. Seiler is jealous! c) I haven’t had a job in a year, and I stopped looking for a job nine months ago d) I am not working. I had three interviews this week, and I’m trying to find a job e) I can’t stand my current job as a telemarketer. I used to be a nuclear engineer
Solution part all a and b
Only typed answer
Bob tried to get a job for nine solid soul-sucking months of interviews, resumes, and failure. He never was able to get a job. Of course, he'd still like one, but he's exhausted and burned out. For the last several months, he's mostly sat on the couch and watched TV, not applying for jobs. As Bob moved from looking for a job to not looking, he unemployed and the labor force participation rate O is considered; rises is not considered; falls O is not considered; rises is considered; fall
Working-age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Labor Force Participation Rate Unemployment Rate October 2019 63.3% 3.5% July 2020 61.4% 11.1% October 2020 61.7% 6.9% Use your own personal knowledge and any additional outside resources to answer the question below. What do these changes tell us about the health of the economy?
The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Lucia just graduated from college and is looking for a full-time position with an investment banking firm. Demand for new vehicles has fallen during a recent recession, and Sharon has been laid off from her job at an automotive factory. Kenji recently lost his job as a delivery driver. Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) 3.6 0.0 1.1 4.7 Frictional Cyclical Structural Total unemployment True or False: This economy is not currently at its natural rate of unemployment. True False Structural Frictional Cyclical
Complete the following table: Column1 Column2 Employment 160,528,000.00 Unemployment Unemployment Rate U3 4.1% Labor Force Labor Force participation rate 64.1% Civilian Population Employment/Population ratio
Describe the natural rate of unemployment
of the people described below, who would be counted as unemployed? Choose one or more: A a 55-year-old steel worker who was laid off 18 months ago and has given up trying to find a job OB. a 17-year-old single parent who has just been laid off and is looking for a new job OC. a second lieutenant in the U.S. Army DD. a full-time college student who plans to look for a job after graduation OE. bin able-bodied 53-year-old who took an early retirement package from her employer OF. a newly graduated Ph.D. who could not find a teaching job and is driving a taxi DG. a student who quit college to look for a modeling job in New York
Working-age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Labor Force Participation Rate Unemployment Rate October 2019 63.3% 3.5% July 2020 61.4% 11.1% October 2020 61.7% 6.9% Use your own personal knowledge and any additional outside resources to answer the question below. What changes occurred in both the labor force participation rate and the unemployment rate over this time period?

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