Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 21, Problem 16RQ
Assess whether the following would be counted as “
- A husband willingly stays home with children while his wife works.
- A manufacturing worker whose factory just closed down.
- A college student doing an unpaid summer internship.
- A retiree.
- Someone who has been out of work for two years but keeps looking for a job.
- Someone who has been out of work for two months but isn’t looking for a job.
- Someone who hates her present job and is actively looking for another one.
- Someone who decides to take a part time job because she could not find a full time position.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Fill in the blanks using the number that corresponds to the correct word or phrase below
Labor statistics
Labor force participation rate
underemployed
Percentage or rate
census
Not in the Labor force
Discouraged workers
An individual with a college degree in finance who is working as a sales clerk would be considered .
Those who have stopped looking for employment and, hence, are no longer counted in the unemployed are classified as .
The percentage of adults in an economy who are either employed or who are unemployed and looking for a job is called
Unemployment is calculated as a
The Bureau of tracks and reports all data related to unemployment.
Children should be counted as
Those who have quit looking fo a job, often due to being discouraged by their inability to find suitable employment are counted as
The U.S. unemployment rate, which is based on a monthly survey carried out by the U.S. Bureau.
According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information;
What is the population of the people that is not included in the labour force? Show your work.
Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work.
Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events events.
Examine the causes of at least two (2) main types of inflation
Use the following information to answer the next question.
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.
Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.
George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.
Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills.
Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was…
Chapter 21 Solutions
Principles of Economics 2e
Ch. 21 - Suppose the adult population over the age of 16 is...Ch. 21 - Using the above data, what is the unemployment...Ch. 21 - Over the long term, has the U.S. unemployment rate...Ch. 21 - Whose unemployment rates are commonly higher in...Ch. 21 - Beginning in the 1970s and continuing for three...Ch. 21 - Is the increase in labor force participation rates...Ch. 21 - Many college students graduate from college before...Ch. 21 - What is the difference between being unemployed...Ch. 21 - How do you calculate the unemployment rate? How do...Ch. 21 - Are all adults who do not hold jobs counted as...
Ch. 21 - If you an? out of school but working part time,...Ch. 21 - What happens to the unemployment rate when...Ch. 21 - What happens to the labor force participation rate...Ch. 21 - What are some of the problems with using the...Ch. 21 - What criteria do the BLS use to count someone as...Ch. 21 - Assess whether the following would be counted as...Ch. 21 - Are U.S. unemployment rates typically higher,...Ch. 21 - Are U.S. unemployment rates distributed evenly...Ch. 21 - When would you expect cyclical unemployment to be...Ch. 21 - Why is there unemployment in a labor market with...Ch. 21 - Name and explain some of the reasons why wages are...Ch. 21 - What term describes the remaining level of...Ch. 21 - What forces create the natural rate of...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - What is frictional unemployment? Give examples of...Ch. 21 - What is structural unemployment? Give examples of...Ch. 21 - After several years of economic growth, would you...Ch. 21 - What type of unemployment (cyclical, frictional,...Ch. 21 - Using the definition of the unemployment rate, is...Ch. 21 - Is a decrease in the unemployment rate necessarily...Ch. 21 - If many workers become discouraged from looking...Ch. 21 - Would you expect hidden unemployment to be higher,...Ch. 21 - Is the higher unemployment rates for minority...Ch. 21 - While unemployment is highly negatively correlated...Ch. 21 - Why do you think that unemployment rates are lower...Ch. 21 - Do you think it is rational for workers to prefer...Ch. 21 - Under what condition would a decrease in...Ch. 21 - Under what condition would an increase in the...Ch. 21 - As the baby boom generation retires, the ratio of...Ch. 21 - Unemployment rates have been higher in many...Ch. 21 - Is it desirable to pursue a goal of zero...Ch. 21 - Is it desirable to eliminate natural unemployment?...Ch. 21 - The U.S. unemployment rate increased from 4.6 in...Ch. 21 - A country with a population of eight million...Ch. 21 - A government passes a family-friendly law that no...Ch. 21 - As the baby boomer generation retires, what should...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
Equity theory specifies a number of possible alternatives for reducing perceived inequity. How could an organiz...
Principles of Management
Define cost pool, cost tracing, cost allocation, and cost-allocation base.
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
E4-21 Preparing closing entries from an adjusted trial balance
Learning Objective 3
The adjusted trial balance...
Horngren's Accounting (12th Edition)
E2-13 Identifying increases and decreases in accounts and normal balances
Learning Objective 2
Insert the mis...
Horngren's Accounting (11th Edition)
Review the following situations and record any necessary journal entries for Clubs Unlimited.
Principles of Accounting Volume 1
Knowledge Booster
Similar questions
- The stock of unemployed workers at any given time consists mostly of people who have short spells of unemployment. people who have long spells of unemployment. people who have been laid off from one employer and become employed by another. people who have searched for jobs, but who have become discouraged.arrow_forwardImagine someone is working part time but would like to be working full time, or working in a job that is not fully using the person’s skills. In your opinion is listing this person as employed a serious flaw in the way employment statistics are gathered and reportedarrow_forwardAccording to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was reported to be about 21.3 million and the labour force is 16.5 million. The population employed was about 13.4 million. Following this information; What is the population of the people that is not included in the labour force? Show your work Calculate the percentage of the people employed and the unemployment rate in Australia. Show your work. Currently unemployment has increased in Australia. What are the 2 main causes of increasing unemployment in Australia. Your answer should be based on the case study used during this trimester and current events.arrow_forward
- Gertrude is not working but has been looking for work for the past year. Last week she did not look for work. Gertrude will be counted that week asarrow_forwardThere are 6060 million unemployed people in a country, 29%29% of which have been unemployed for less than five weeks. The number of people who have been unemployed for five to fourteen weeks is 1212 million less than the number of people who have been unemployed for less than five weeks. People who have been unemployed for fifteen to twenty-six weeks account for 14%14% of the total unemployed population.Calculate the percentage of people who have been unemployed for twenty-seven weeks or more. Enter your answer in the box below..arrow_forwardCanada has a working age population of 20 million. Of those 11 million are employed and 1 are unemployed. Find the unemployment rate and participation ratearrow_forward
- The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Structural Frictional Cyclical Alyssa just moved with her husband to Portland, Oregon. She's looking for a job as a paralegal. A recent recession has reduced the number of visitors to a local theme park. The park has had to lay off many of its employees, including Crystal. Tim recently lost his job as a dishwasher. Minimum-wage legislation keeps employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work.arrow_forwardDiscouraged workers are counted par of the labor force and are counted as unemployed. are counted as unemployed but are counted as out of the labor force. are counted as out of the labor force. are counted as unemployed.arrow_forwardThe three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Kate just moved with her husband to Bismark, North Dakota. She's looking for a job as a judicial clerk. Hubert left his job as an electrician when his wife took a position in another region. The quantity of electrical services demanded is considerably lower in the new region, in part because of high union- negotiated wages. He would like to work at the high union wage but remains unemployed due to a lack of electrician jobs. A recent recession has reduced the number of visitors to a local water park. The park has had to lay off many of its employees, including Poornima. The following table presents data on frictional, cyclical, structural, and total unemployment for an economy. Rate Unemployment Type (Percent) 3.6 0.0 1.1 Frictional Cyclical Structural Total…arrow_forward
- The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 Source: “Labor Force Statistics from the Current Population Survey.arrow_forwardThe following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017. Age Employed Unemployed Not in Labor Force (Thousands of People) (Thousands of People) (Thousands of People) 16 to 19 years 5,074 827 10,853 20 to 24 years 14,132 1,127 6,137 25 to 54 years 98,833 3,850 23,014 55 to 64 years 26,064 835 14,792 65 years and over 9,234 343 39,964 Total 153,337 6,982 94,759 Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics. What is the national unemployment rate? 2.7% 4.4% 7.4% 59.1% Complete the following table by computing the unemployment rate for each age group. Age Unemployment Rate 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over Which of the following groups has an unemployment rate lower…arrow_forwardReginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered: Question options: a) employed in the underground economy. b) underemployed. c) unemployed. d) out of the labor force. If the number of employed persons in a country equals 24 million, the number of unemployed persons equals 8 million, and the number of persons over age 16 in the population equals 40 million, the unemployment rate equals: Question options: a) 32%. b) 25%. c) 20%. d) 8%.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning