Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 16, Problem 10SQ
To determine
The meaning of a frictional
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Economic
On average, it takes 3 months for an unemployed person to find a job. A job lasts for 30 months on average. The labor force stays constant. Find the long-run (steady-state) unemployment rate
In February 2020 the number of unemployed in the U.S. was 5.8 million and the unemployment rate was 3.5%. The vast majority of the people who were then unemployed
A.
were experiencing structural unemployment arising from a mismatch between skills and job requirements.
B.
were experiencing cyclical unemployment due to a slowdown in economic activity.
C.
were experiencing structural unemployment which is a type of unemployment very difficult to resolve without government intervention.
D.
were experiencing either cyclical or structural unemployment.
E.
were experiencing either frictional or structural unemployment, but not cyclical unemployment.
Mention and explain the nature of the workforce and what the different types of unemployment are.
Chapter 16 Solutions
Economics For Today
Ch. 16.4 - Prob. 1YTECh. 16.4 - Prob. 2YTECh. 16.4 - Prob. 3YTECh. 16.5 - Prob. 1YTECh. 16 - Prob. 1SQPCh. 16 - Prob. 2SQPCh. 16 - Prob. 3SQPCh. 16 - Prob. 4SQPCh. 16 - Prob. 5SQPCh. 16 - Prob. 6SQP
Ch. 16 - Prob. 7SQPCh. 16 - Prob. 8SQPCh. 16 - Prob. 9SQPCh. 16 - Prob. 10SQPCh. 16 - Prob. 11SQPCh. 16 - Prob. 1SQCh. 16 - Prob. 2SQCh. 16 - Prob. 3SQCh. 16 - Prob. 4SQCh. 16 - Prob. 5SQCh. 16 - Prob. 6SQCh. 16 - Prob. 7SQCh. 16 - Prob. 8SQCh. 16 - Prob. 9SQCh. 16 - Prob. 10SQCh. 16 - Prob. 11SQCh. 16 - Prob. 12SQCh. 16 - Prob. 13SQCh. 16 - Prob. 14SQCh. 16 - Prob. 15SQCh. 16 - Prob. 16SQCh. 16 - Prob. 17SQCh. 16 - Prob. 18SQCh. 16 - Prob. 19SQCh. 16 - Prob. 20SQ
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- These refer to the percentage of people who do not have a job and are not looking for a job a. Out of labor force b. Labor force c. Unemployed d. Employedarrow_forwardThe table shows employment statistics for a fictional country. Use the information to answer the questions. Round your percentages to two decimal places. Category Employed Unemployed Not in the labor force What is the total labor force? What is the labor force participation rate? What is the unemployment rate? Number of people 4505 452 591 Suppose 286 of the 452 unemployed people have been unemployed for so long that they stop looking for work. What is the new labor force? What is the new labor force participation rate? What is the new unemployment rate? % % % %arrow_forwardExplain unemployment rate.arrow_forward
- Full employment: a. will always include some unemployment. b. exists when everyone in the labor force has a job. c. exists when, on average, nearly two out of three adults in the labor force are employed. d. exists when everyone who wants a job has one. e. exists when the unemployment rate is zero.arrow_forward1)Total Population 330.0 million Adult, noninstitutionalized, non military population 260.0 million Unemployment 8.5 million a) If the labor force participation rate is 65% what is the labor force? b) How many workers are employed? c) What is the unemployment rate?arrow_forwardWhat type of unemployment does each of the following represent? Explain your answers.1. Workers at a clothing factory lose their jobs when the firm relocates to another province.2. Workers at a factory making floppy disks lose their jobs when the firm goes under due to competition from USB’s.3. Migrant farm workers’ employment is terminated when the harvest is finished.4. Workers at the car plant are laid off as a result of a slump in motorcar sales. 5. Worker decides to resign from his firm to find himself, so he can follow his passion and apply for a different job in a near future.arrow_forward
- Cyclical unemployment a. is joblessness related to regular seasonal events such as holidays or weather changes b. does not exist when the economy is at full employment c. is joblessness experienced by those who are between jobs d. is joblessness created by a mismatch between available jobs and workers' skills e. is joblessness caused entirely by microeconomic forcesarrow_forwardexplain the four main types of unemployment.arrow_forwardA nation has a population of 260 million people. Of these, 60 million are retired, in the military, in institutions, or under 16 years old. There are 188 million who are employed and 12 million who are unemployed. Calculate the unemployment rate.arrow_forward
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