uestion 33 One shortcoming of the official unemployment rate is that it O a) is unreliable because it is easily manipulated by the government. O b) accounts for underemployed workers and marginally attached workers. Oc) is very stable through recessions and is unreliable as an economic indic O d) includes only workers who have no jobs and are actively seeking work. O e) only indicates the length of unemployment.
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- Unemployment rates have been higher in many European countries in recent decades than in the United States. Is the main reason for this long-term difference in unemployment rates more likely to be cyclical unemployment or the natural rate of unemployment? Explain briefly.What type of unemployment (cyclical, frictional, or structural) applies to each of the following: landscapers laid off in response to a drop in new housing construction during a recession. coal miners laid off due to EPA regulations that shut down coal fired power a financial analyst who quits his/her job in Chicago and is pursing similar work in Arizona printers laid off due to drop in demand for printed catalogues and flyers as firms go the internet to promote an advertise their products. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.The U.S. unemployment rate increased from 4.6 in July 2001 to 5.9 by June 2002. Without studying the subject in any detail, would you expect that a change of this kind is more likely to be due to cyclical unemployment or a change in the natural rate of unemployment? My?
- Please no written by hand solutions Suppose that the markup of goods prices over marginal cost is 5%, and that the wage-setting equation is W= P(1-u), where u is the unemployment rate. a. What is the real wage, as determined by the price-setting equation? b. What is the natural rate of unemployment? c. Suppose that the markup of prices over costs increases to 10%. What happens to the natural rate of unemployment? Explain the intuition behind your answer.Here is some data for an economy. Population: 22.5 million Population under the age of 16 years: 7.5 million Discouraged workers: 250,000. Retired people: 1 million Structurally unemployed people: 320,000 Frictionally unemployed people: 220,000 Cyclically unemployed people: 2.2 million Based on this data, what is the approximate unemployment rate in this economy? Answers: 16% 19.6% 19.93% 80.07%Q. 12-15. Consider the standard job search model as described in the text. (a) Why are the asking wage and expected unemployment duration positively related? (b) Can the standard job search model explain why unemployment duration is longer, on average, for secondary workers when compared to primary workers? Discuss. (c) In the context of the standard search model, explain how the economy-wide average asking wage and unemployment duration are affected by an expanded underground (cash) economy. What is the effect on the equilibrium unemployment rate? BOOK: Labor Economics, 8th Edition, by George Borjas, published by McGraw-Hill. Chapter 12
- Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania willdecrease . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, willincrease . The temporary unemployment resulting from such sectoral shifts in the economy is best described asfrictional unemployment. Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.In a country with a labor force of 200, a different group of 10 people becomes unemployed each month but becomes employed once again a month later. No others outside these groups are unemployed. EXPLAIN YOUR ANSWER!a. What is this country’s unemployment rate?b. What is the average duration of unemployment?c. Suppose that establishment of a system of unemployment compensation increases to twomonths the interval that it takes each group of job losers to become employed each month. Nevertheless, a different group of 10 people still becomes unemployed each month. Now what is the average duration of unemployment?d. Following the change discussed in part (c), what is the country’s unemployment rate?Which of the following statements is incorrect? a. A decrease in the labor participation causes the unemployment rate to decline, otherthings being equal. b. When the BLS publishes Employment Situation report each month, it also releases theresults about employment, hours worked, and employee earnings from EstablishmentSurvey. c. Every month, the BLS computes the unemployment rate based on a survey of about60,000 households (Current Population Survey). d. The broadest measure of labor underutilization, known as u6, is the sum of totalunemployed, plus all marginally attached workers, plus total employed part time foreconomic reasons, as a percent of the civilian labor force.
- Assume the unemployment rate is 8.0%. Also, assume that the natural rate of unemployment is 5%. If frictional unemployment is twice that of structural unemployment, then how much is frictional unemployment? Expressed as a whole number: no percentage sign.a) Which of the following is not true? Frictional unemployment on the labor market arises from a lack of information in the labor market Cyclical unemployment exists because of a recession It is logically impossible for both the unemployment and the employment rates to both simultaneously increase or decrease together Structural unemployment exists because of mismatched worker skills and job availability Full employment requires that no cyclical unemployment exists on the labor market b) Suppose we have the following: (4th order) Value of trees $5 per tree and 1,000 tree harvested; (3rd order) 1,000 trees fabricated in to $25 wood pulp per ton (1,000 tons): (2nd order) 50,000 rolls of facial tissue ($10 each); (1st order consumer goods) of 30,000 boxes of Kleenex tissue at Safeway for $1 each. Which of the following it the correct calculation of GNP? $540,000 $400,000 $450,000 30,000 None of the above is correctSuppose that the natural level of unemployment in Ausland is 4% and that the current unemployment rate is 3.5%. Which statement would be most consistent with the information above? Select one: a. The aggregate demand curve at the current level of unemployment would lie below the aggregate demand curve when unemployment is at the natural rate. Consequently, workers have a strong bargaining position b. The aggregate demand curve at the current level of unemployment would lie above the aggregate demand curve when unemployment is at the natural rate. Consequently, there is downward pressure on inflation. c. The aggregate demand curve at the current level of unemployment would lie above the aggregate demand curve when unemployment is at the natural rate. Consequently, there would be downward pressure on the policy rate d. The aggregate demand curve at the current level of unemployment would lie above the aggregate demand curve when unemployment is at the natural rate.…