Answered: The size of unemployment shows the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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18
The normal rate of unemployment that persists in the economy in the long run is called a. frictional unemployment. b. structural unemployment. c. cyclical unemployment. d. the natural rate of unemployment.
Question 5
"Australia has aimed to achieve full employment by implementing various employment and labor market programs". Achieving full employment would indicate that: A. Everyone in the Australian economy has a job. B. There is no unemployment in the economy. c. Australia has reached the level of employment where all workers are fully utilized, and there is no cyclical unemployment. D. Only a small percentage of the Australian workforce is unemployed.
If millions of people quit looking for a job this month what would happen? The unemployment rate would ___ and the labor force would ___.
The graph shows the U.S. unemployment rate as a percent of the labor force during the years surrounding the Great Depression, when did the unemployment rate reach its lowest value? Unemployment Rate Select one: a. 1942 20 c. 1937 25 d. 1933 15 b. 1929 10 5 0 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942
According to the theory of efficiency wages,a. firms may find it profitable to pay above-equilibrium wages.b. an excess supply of labor puts downward pressure on wages.c. sectoral shifts are the main source of frictional unemployment.d. right-to-work laws reduce the bargaining power of unions
Assume the following data for a country: Number of People, Millions Category Total population Population under 16 years of age or institutionalized 500 120 Not in the labor force 140 Unemployed Part-time workers looking for full-time jobs 12 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force? million b. What is the official unemployment rate? percent
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Draw a diagram of GDP growth, inflation, and unemployment changing over time during a recession. Explain the timing on unemployment changes. Why might measured unemployment continue to rise after output starts to recover?
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What type of unemployment (cyclical,frictional,or structural) applies to each of the following: a. landscapers laid off in response to drop in new housing construction during a recession. b. coal miners laid off due to EPA regulations that shut down coal fired power c. a financial analyst who quits his/her job in Chicago and is pursing similar work in Arizona d. printers laid off due to drop in demand for printed catalogues and flyers as firms go the internet to promote an advertise their products. e. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.

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The size of unemployment shows the dynamics in the labor market. a. Illustrate how to calculate the Open Unemployment Rate! b. Explain why unemployment can arise and how to solve it!