Why should we worry about the unemployment rate? (We know that the U.S. has an unemployment compensation program which provides income for those out of work. Why worry?)**Why is unemployment an economic problem?**Unemployment is an economic problem because of the concept of ( ___________________ ). Quite apart from any idea of consideration for others, unemployment is economic waste: A unit of labor resource that could be engaged in production is sitting idle.The “GDP gap” is the difference between ( ____________________ ) and ( ____________________ ).**What are the consequences of a negative GDP gap?** The consequence of a *negative GDP gap* is that what is not produced—the amount represented by the gap—is lost forever. Moreover, to the extent that this lost production represents capital goods, the potential production for the future is impaired. Future economic growth will be (more, less).

Answered: Why should we worry about the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose the unemployment rate is 10% this month and there are 20 million officially unemployed people. Since last month's unemployment report, 2 million people found jobs but 4 million unemployed people became discouraged and stopped searching. If there were no other changes in the labor market, what was the unemployment rate last month? Show all work and formulas.
Imagine that during an expansion the U.S. economy adds 300,000 jobs. In addition, because of the improving economic conditions, the labor force increases by 200,000. Would the unemployment rate go up or down?
Determine the labor market status of each of the following people. If they are unemployed, can they be considered long-term unemployed? a. Demetrius is a voice-over actor. He has a gig this week, but next week he’ll have to start auditioning for new roles. b. Alejandra is laid off and has to take a part-time retail job because she can’t find a full-time job. She is spending her extra time learning how to code. c. Kathryn quit her job when it was relocated too far away from her family. She has been looking for work for eight months, but so far hasn’t been called in for an interview.
During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.
The attached chart (Quits: Total Nonfarm) shows the quit rate (the number of who quit their job during the entire month as a percentage of total employment. What happens to the quit rate during the recession of 2007-08? Why? What happened to the unemployment rate during the recession of 2007-08? Use your answers to explain why the unemployment rate will never fall to zero and a certain amount of unemployment is desirable.
Use the following data to calculate the unemployment rate. and answer the questions below total adult population = 256,436 persons under 16 = 75,126 total U.S. population = 332,568 # people working= 162,128 retirees = 85,745 total labor force = 172,476 discouraged workers = 15,546 part-time employed = 23,854 1. What is the unemployment rate? 2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed. 3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.
Is it feasible for both the number of employed individuals in the economy and the unemployment rate to rise at the same time? Explain why or why not.
Only typed answer
If you are out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greeter at Wal-Mart are you considered employed or not in the labor force?
In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 143,322,000 were employed, 12,332,000 were unemployed, and 89,008,000 were not in the labor force. Use this information to calculate: a. The adult population b. The labor force C. The labor-force participation rate d. The unemployment rate
Discuss how it is simultaneously possible for “most” unemployment to be due to short spells and for “most” unemployment to be accounted for by a few persons in very long spells.
The population (age 16 and over) of Pageland is 150 million; 11 million are unemployed, and 89 million hold jobs. What are the rates of unemployment and labor force participation of Pageland? Unemployment is 7 percent, and labor force participation is 88 percent. Unemployment is 7 percent, and labor force participation is 72 percent. Unemployment is 11 percent, and labor force participation is 66 percent. Unemployment is 11 percent, and labor force participation is 89 percent.

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS