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. ScenarioEffect On...Unemployment RateEmployment–Population RatioAn auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. After an unsuccessful search, some laid-off workers quit looking for new jobs. Numerous students graduate from college and immediately begin new jobs. Advances in health care prolong the lives of many retirees.
The unemployment rate is the percentage of unemployed people among the total labor force.
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Number of unemployed Total labor force Unemployment Rate
Employment population ratio is the percentage of employed people among the total labor force.
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Number of employed Total labor force Employment Population Ratio
The effect on unemployment rate and employment population rati...
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