Please answer everything in the photos. Bottom question is asking if it understate or overstate. The following list shows you how to compute the statistics most commonly used to indicate the health of an economy:. The participation rate is the percentage of the working-age population in the labor force-either employed or searching foremployment. In November 2016, the participation rate wasx 10062.6%.• The employment-population ratio is the percentage of the working-age population that is employed. In November 2016, theemployment-population ratio was 254,540 x 100 = 59.7%.152,048• The official unemployment rate is the percentage of the labor force that does not have a job but is actively searching for7,409employment. In November 2016, the official unemployment rate wasx 100 = 4.6%.159,457159,457254,540To get a more accurate picture of underemployment in the economy, the BLS calculates several alternative measures of labor underutilization:• The U-1 measure of labor underutilization measures the percentage of the labor force that has been unemployed for 15 weeks ormore at the time of the household survey. In November 2016, U-1 wasx 100 = 1.8%.2,929159,457. Another measure, the U-4 measure of labor underutilization, treats discouraged workers as though they were unemployed andpart of the labor force. To calculate U-4, the BLS divides the sum of unemployed and discouraged workers by the sum of the labor7,4091-5,837force and discouraged workers. In November 2016, U-4 wasx 100 8.0%.159,457 15,837Based on the numbers in the previous table, indicate whether each of the following statements accurately describes the differences in the employmentsituation between November 2016 and November 2017.StatementThe typical unemployed worker in November 2017 was more likely to have been unemployed for 15 weeks or more than thetypical unemployed worker in November 2016.A smaller number of jobless people who wanted a job and were available to work had given up on their job search in November2017 compared to November 2016.The U-1 and U-4 measures of labor underutilization were lower in November 2017 than they were in November 2016.In November 2017, a larger fraction of the civilian noninstitutional population was employed than in November 2016.A smaller fraction of the civilian noninstitutional population was in the labor force in November 2017 than in November 2016.True FalseExcluding discouraged workers from the official unemployment rate may cause the official rate tounderemployment.O OThe official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy.the true extent ofOOOOO The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population.Once the adjustment is made, the BLS uses the figures to generate key employment indicators.The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016.The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that about 6.6million people were unemployed at that time.Use the information lists that follow the table to help you fill in the missing values in the table.2016Civilian noninstitutional population 254,540Civilian labor force159,457Participation rate62.6%Employed152,04859.7%7,4094.6%2,9291.8%Employment-population ratioNovemberUnemployedOfficial unemployment rateUnemployed 15 weeks or moreU-1 labor underutilizationDiscouraged workersU-4 labor underutilization5,8378.0%2017255,949161,327153,9186,6102,514%5,238%%%%

Given data for 2017: Civilian noninstitutional population=255949 Civilian labor force=161327…

The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that about 6.6 million people were unemployed at that time.

The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that about 6.6 million people were unemployed at that time.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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