what goes in blank ### Understanding Unemployment Rates#### How to Calculate the Unemployment Rate:Complete the right half of the following equation to reflect the unemployment rate reported by the Bureau of Labor Statistics (BLS).\[ \text{Unemployment Rate} = \]According to this formula, what is the unemployment rate of this economy of six people?- [ ] 33.33%- [ ] 40%- [ ] 50%- [ ] 60%#### ExplanationTo calculate the unemployment rate, the following formula is generally used:\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed People}}{\text{Total Labor Force}} \right) \times 100 \]Where:- **Number of Unemployed People**: The number of people who are actively seeking work but are currently without jobs.- **Total Labor Force**: The sum of the employed and the unemployed people who are actively seeking work.In the context of this example, you are asked to determine the correct unemployment rate for an economy consisting of six people. Using the provided options and the context, you can practice calculating the unemployment rate by inserting the relevant numbers into the formula.For a practical example, if out of 6 people, 2 are unemployed:\[ \text{Unemployment Rate} = \left( \frac{2}{6} \right) \times 100 = 33.33\% \]Hence, you would select the first option (33.33%).#### Interactive Learning:Engage yourself by trying out different numbers of unemployed people and total labor force scenarios to see how the unemployment rate changes. This will enhance your understanding of labor economics and the methods used by statisticians to measure economic health.#### Conclusion:Understanding and calculating the unemployment rate is a fundamental skill in economics. It helps in assessing the health of the labor market and forms the basis for economic policy decisions. ### Analyzing Employment Status Categories Based on Bureau of Labor Statistics (BLS) Criteria**Instructions:**Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as Employed, Unemployed, "Not in the labor force" if not in the civilian labor force but still part of the adult population, or "Not in the adult population" if not in the civilian adult population.#### Employment Status Table| Person | Status ||--------|-------|| **Dmitri** is a 74-year-old professor. He teaches only one or two courses a year, but he’s still pursuing an active research agenda. | Employment Status: **[Dropdown]** || **Frances** is a 24-year-old recent college graduate. She did not work for pay last week, but she had two job interviews. | Employment Status: **[Dropdown]** || **Jake** is a 79-year-old retired professor. He enjoys volunteering at the local public library. | Employment Status: **[Dropdown]** || **Rosa** is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago. | Employment Status: **[Dropdown]** || **Nick** is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. | Employment Status: **[Dropdown]** || **Latasha** is a 13-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week. | Employment Status: **[Dropdown]** |**Explanation of Employment Categories:**1. **Employed:** Individuals who have jobs.2. **Unemployed:** Individuals who do not have a job, have actively looked for work in the previous 4 weeks, and are currently available for work.3. **Not in the labor force:** Individuals who are neither employed nor unemployed, often because they are retired, full-time students, or have other personal responsibilities.4. **Not in the adult population:** Individuals who are under 16 years old or otherwise

The unemployment rate = 100*(number of unemployed workers/labor force)

Answered: what goes in blank

Business

Economics

what goes in blank

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 44CTQ: The U.S. unemployment rate increased from 4.6 in July 2001 to 5.9 by June 2002. Without studying the...

See similar textbooks

Similar questions

7
1. The table below reports the unemployment rate, labor force participation rate, and (working-age) population for the United States in January 2008, 2011, and 2016. Using the data, answer the following questions. a) What was the size of the labor force at the start of each year? b) How many people were officially unemployed at the start of each year? c) What about these numbers may cause some concern even though the unemployment rate to start 2016 was a notch below the unemployment rate in 2008 as the economy was entering the Great Recession? Unemployment Rate Labor Force Participation Rate Working-age Population 2008 5.0% 2011 9.1% 64.2% 2016 4.9% 66.2% 234m 62.7% 251m 238m
The U.S. unemployment rate increased from 4.6 in July 2001 to 5.9 by June 2002. Without studying the subject in any detail, would you expect that a change of this kind is more likely to be due to cyclical unemployment or a change in the natural rate of unemployment? My?
This question explores the calculation of the unemployment rate. You will be provided some imperfect employment data for four different countries and asked to identify the unemployment rate. Task 1: The population of Asartaland is 95. Of these 95 individuals, 75 are in the labor force and 65 are employed. What is the unemployment rate in Asartaland? Task 2: The population of Millsville is 130. Of these 130 individuals, 90 are in the labor force and 20 are unemployed. What is the unemployment rate in Millsville?
E2
26. Given the following macroeconomic data of a hypothetical economy: - number of individuals who are employed = 7,500 - number of individuals who are frictionally unemployed = 720 - number of individuals who are structurally unemployed = 100 %3D - number of individuals who are cyclically unemployed 150 - number of individuals who are considered to be "discouraged workers" = 75 Compute the overall rate of unemployment as would be reported by the government: 12.33% 11.75% 11.45% none of the answers given is correct 12.93%
D2)
.
Prepare a line graph from the table below and answer the following question. (i)What trends do you observe in the unemployment rate? In economic growth? (ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship) Use the data to justify your choice. (iii) Does the relationship observed in part 2 satisfy the economists' view of the relationship between economic growth and unemployment? Use references to support your answer. 2016 2017 2018 2019 2020 Unemployment rate 4.12 3.75 3.38 3.14 4.31 Economic growth rate 2.23 2.68 1.08 1.05 -4.57
QUESTION 25 Calculate the following, referring to the employment data for the hypothetical economy of Kipper in. the table below. All figures are in millions. Fill in the "blanks" a, b, and c. Please show your calculations (ie. you can upload a JPEG or PDF image file of your hand written calculations on a piece of scratch paper via the "upload from local computer" button). 10 Number of Unemployed Total Population Number of Employed Number of Discouraged Workers a. b. C. The labor force number in Kipper. 125 90 S The labor force participation rate in Kipper. The unemployment rate in Kipper,
16
465000 6. Lina and Sandra graduated, each with a degree in mechanical engineer, Lina decided to start traveling the world with no intent to work as an engineer, while Sandra is still being interviewed at different companies." Lina is not in labor force while Sandra is unemployed Lina is unemployed while Sandra is almost employed Sandra is not in labor force while Lina is unemployed Lina and Sandra are both unemployed Refer to the information provided in