What is it called when the economy is deprived of the production and the gain of this factor if the labor is not employed? a) Ta employment B) Increase in crimes NS) Direct product and revenue loss D) loss of human capital TO) natural unemployment
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- 12. Name the type of unemployment occurring in each of the causes below. (a) Frank recently lost his job as the computer manufacturing company he works for recently downsized after poor sales and poor performance of the economy during the last Type of unemployment: (frictional, cyclical, structural ) year. (b) Julie just recently graduated from college and is spending the summer traveling before she begins a job with a consulting firm in the fall. Type of unemployment: (frictional , cyclical, structural) (c) Tom recently lost his job as the steel manufacturing firm he worked for moved their plant overseas. The other steel plants in the nation have been also been following this trend. Type of unemployment: (frictional , cyclical, structural ) The full-employment or natural rate of unemployment assumes there is no ( among the three types of unemployment. unemployment2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.) Check all that apply. They have not looked for a job in 4 weeks (or longer), but they would like a job and are available for work. They are dissatisfied with their current jobs and are considering quitting. They are counted as part of the labor force by the Bureau of Labor Statistics. They are employed workers who want to earn higher wages.4. Sectoral shifts, frictional unemployment, and job searches . The Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will The temporary unemployment demand for labor among automobile-producing firms in Michigan, for which steel is an input, will resulting from such sectoral shifts in the economy is best described as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. Improving a widely used job-search website so that it matches workers to job vacancies more effectively Taxing the price of placing a resume or posting a job opening on a job-search website Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government
- (International labor movements) Consider two countries, Home and Foreign. Both countries use two factors of production, capital and labor, to produce only one good. The capital supply in each country and the technology of production are exactly the same. The marginal product of labor in each country depends upon employment as follows: MPL = 40- L Initially there are 20 workers employed at Home and 10 at Foreign. a. Compute algebraically the wage rate in both countries if labor is not allowed to move between countries. Show it in a graph. b. Compute algebraically the equilibrium wage rate and employment in both countries if labor is allowed to migrate from one country to the other. Explain the migration pattern. Show it in a graph.4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of tobacco falls significantly. The demand for labor among tobacco-producing firms in Kentucky will The demand for labor among cigarette manufacturing firms in Virginia, which use tobacco as an input, will The temporary unemployment that results from sectoral shifts such as the ones describes above is best categorized as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. Establishing government-run employment agencies to connect unemployed workers to job vacancies Improving a widely used job-search website so that it matches workers to job vacancies more effectively Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the governmentQuestion 30 Frictional unemployment is a) unemployment caused by economic downturns. b) unemployment caused by changes in the industrial makeup of an economy. when a worker stops looking for a job because he or she feels no job is available. O d) not one of the three types of unemployment. e) unemployment caused by time delays in matching available jobs and workers.
- 4. (a) Explain clearly the job separation rates and the job finding rate f in the bathtub model of unemployment. Write out the formula for each rate. (b) An economy has a working-age population of 15,000, a labor force of 10,000, and 9,000 people actually working. Calculate the unemployment rate. Show thy work!5. Problems and Applications Q5 Economists use labor-market data to evaluate how well an economy is using its most valuable resource-its people. Two closely watched statistics are the unemployment rate and the employment-population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment-population ratio in each of the following scenarios. Scenario A financial firm goes bankrupt and lays off its workers, who immediately start working in other financial firms. After an unsuccessful search, some laid-off workers decide to go back to school as full-time students. Numerous students graduate from college but cannot find work. A stock market crash leads to large-scale lay-offs of workers aged 55 and above, who decide to retire instead of looking for new jobs. Unemployment Rate Stays the same Stays the same Increases Increases Effect On... Employment-Population Ratio Stays the same Stays the same Decreases…S 3. Discouraged workers and involuntary part-time workers Simply counting the number of unemployed workers will not necessarily give the Bureau of Labor Statistics (BLS) the most accurate indication of the extent of underemployment in the economy. Some part-time workers will be counted as employed even if they'd like to work full-time. Furthermore, some jobless workers will not qualify as unemployed because they have given up on their job search, frustrated with their inability to find work. Fortunately, the BLS can use the information provided in the household survey to classify workers in ways that account for these types of underemployment. The BLS classifies those who work part-time because they cannot find full-time employment as involuntary part-time workers. The BLS classifies as discouraged workers those who want and are available for work but have not searched for employment during the previous four weeks because they believe their job search is currently futile. By keeping…
- 25) The amount by which potential GDP exceeds actual GDP is one meas (a) natural rate of unemployment. (b) aggregate cost of unemployment. (e) difference between real and nominal GDP. (d) difference between real and nominal income. anamnloyment rateNo Plagirism Please! 15. Formulate reasons as to why a recession might occur. Then, hypothesize how total economic output and prices will behave in the years following the recession. 16. Explain the three main types of unemployment experienced within an economy. Provide at least one example demonstrating each type of unemployment4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of cotton rises substantially. The demand for labor among cotton-producing firms in Texas will The demand for labor among textile-producing firms in South Carolina, for which cotton is an input, will . The temporary unemployment resulting from such sectoral shifts in the economy is best described as unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply. O Improving a widely used job-search website so that it matches workers to job vacancies more effectively O Taxing the price of placing a resume or posting a job opening on a job-search website O Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government