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opose that 20,000 of the employed switches to jobs in the underground economy. When rviewed by STATIN, 50% of these switchers report that they are not working and not seekin k, while the other 50% report that they are not working but seeking work. 1. Explain what happens to the official unemployment rate and the "true" unemployment

opose that 20,000 of the employed switches to jobs in the underground economy. When rviewed by STATIN, 50% of these switchers report that they are not working and not seekin k, while the other 50% report that they are not working but seeking work. 1. Explain what happens to the official unemployment rate and the "true" unemployment

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hrs a week 234 Self-Employed 6543 Discouraged Workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5,654 Temp Workers 5000 armed forces 543 recent university graduates that are 3500 institutionalized going back to graduate school Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. 1. Explain what happens to the official unemployment rate and the "true" unemployment rate.
Transcribed Image Text:987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hrs a week 234 Self-Employed 6543 Discouraged Workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5,654 Temp Workers 5000 armed forces 543 recent university graduates that are 3500 institutionalized going back to graduate school Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. 1. Explain what happens to the official unemployment rate and the "true" unemployment rate.
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