Economics (7th Edition) (What's New in Economics)
Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 20, Problem 20.1.1RQ
To determine

Measurement of unemployment and conditions for a person to satisfy the criteria of being unemployed.

Expert Solution & Answer
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Explanation of Solution

Measurement of unemployment rate:

The U.S. Bureau of census collects data using household survey on monthly basis to calculate the unemployment rate of each month.

Mathematically, unemployment rate is calculated as follows:

Unemployment rate=Number of unemployedLabor force×100

Following are the conditions that satisfy the criteria for an unemployed:

  1. 1. All people who are available for work but not actively looking for jobs.
  2. 2. All people who are doing part-time jobs but wanted to be in full-time jobs.
Economics Concept Introduction

Concept introduction:

Unemployment rate: The unemployment rate is defined as the percentage of labor force that is unemployed.

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