Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?
Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 30CTQ: Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a...
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Suppose 20 million people are employed, and 5 million are unemployed. What is the unemployment rate? Does that number change if we also state that there are an additional 30 million people who are not in the civilian labor force?
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Imagine you are a senior statistician with a national statistical agency. The economists who work for the presidential economic council are complaining that underground economy is so large that the
a. Explain why large underground economy makes GDP numbers misleading as a measure of the standard of living.
b. Suggest how you could alleviate this problem (i.e., account for the underground economy)
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