Review the chart below on the breakdown of the U.S. population and the labor force: Persons under 16 Persons in the armed forces Total Persons Institutionalized Population Not in Labor Force a) Fill in the missing portions in the chart. b) What are the 4 types of unemployment? c) Calculate the unemployment rate based on the following data: Civilian population = 200 million Number of employed persons = 113 million 5% Civilian labor force = 130 million Natural unemployment rate = d) What two conditions must hold to constitute someone as unemployed?

Review the chart below on the breakdown of the U.S. population and the labor force: Persons under 16 Persons in the armed forces Total Persons Institutionalized Population Not in Labor Force a) Fill in the missing portions in the chart. b) What are the 4 types of unemployment? c) Calculate the unemployment rate based on the following data: Civilian population = 200 million Number of employed persons = 113 million 5% Civilian labor force = 130 million Natural unemployment rate = d) What two conditions must hold to constitute someone as unemployed?

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 7CQ

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Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.
If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
What is frictional unemployment? Give examples of frictional unemployment.
A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
What is structural unemployment? Give examples of structural unemployment.
Are U.S. unemployment rates distributed evenly across the population?
Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?
While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?