To 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 or2,929more at the time of the household survey. In November 2016, U-1 was 159,457 × 100 = 1.8%.• 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 laborforce and discouraged workers. In November 2016, U-4 was 159,457+5,837 1007,409+5,837x 100 = 8.0%.Based 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 U-1 and U-4 measures of labor underutilization were lower in November 2017 than they were 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 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 fraction of the civilian noninstitutional population was in the labor force in November 2017 than in November 2016.In November 2017, a larger fraction of the civilian noninstitutional population was employed than in November 2016.TrueOExcluding discouraged workers from the official unemployment rate may cause the official rate tounderemployment.O▼ the true extent ofThe official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy.OOFalseOO OOOO 4. Key employment indicators from the household surveyThe 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.Civilian noninstitutional populationCivilian labor forceParticipation rateEmployedEmployment-population ratioUnemployedOfficial unemployment rateUnemployed 15 weeks or moreU-1 labor underutilizationDiscouraged workersU-4 labor underutilizationNovember2016254,540159,45762.6%152,04859.7%7,4094.6%2,9291.8%5,8378.0%2017255,949161,327153,9186,6102,514%5,238%%%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 for159,457employment. In November 2016, the participation rate was x 100 = 62.6%.254,540• The employment-population ratio is the percentage of the working-age population that is employed. In November 2016, the152,048employment-population ratio wasx 100 = 59.7%.254,540• 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 was 159,457 x 100 = 4.6%.

Unemployment rate is a measure of the percentage of the total labor force that is unemployed but…

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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