Bundle: Exploring Macroeconomics, Loose-leaf Version, 7th + LMS Integrated MindTap Economics, 1 term (6 months) Printed Access Card
7th Edition
ISBN: 9781305784802
Author: Robert L. Sexton
Publisher: Cengage Learning
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Chapter 10, Problem 6P
To determine
(a)
To find:
The change that can happen to number of people in the category of job losers, job leavers, reentrants and new entrants when there is a situation of severe recession.
To determine
(b)
To find:
The reason behind the increase in number of job leavers, reentrants and new entrants, at good economic times.
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Bundle: Exploring Macroeconomics, Loose-leaf Version, 7th + LMS Integrated MindTap Economics, 1 term (6 months) Printed Access Card
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- Economists use labour-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. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retireesarrow_forwardWhy there is always some level of unemployment?arrow_forwardThese 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_forward
- of the people described below, who would be counted as unemployed? Choose one or more: A a 55-year-old steel worker who was laid off 18 months ago and has given up trying to find a job OB. a 17-year-old single parent who has just been laid off and is looking for a new job OC. a second lieutenant in the U.S. Army DD. a full-time college student who plans to look for a job after graduation OE. bin able-bodied 53-year-old who took an early retirement package from her employer OF. a newly graduated Ph.D. who could not find a teaching job and is driving a taxi DG. a student who quit college to look for a modeling job in New Yorkarrow_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_forwardWhich one of the following people would be counted as unemployed in Canada? A. Rebekah is a recent graduate looking for work. B. Simone is currently working but expects to be laid off by the end of the month, before next month's survey can be completed. OC. Ruth is a 14-year-old student and has been looking for an after-school job every day for the past month. OD. Ron has quit looking because he believes that there is no work available for him. OE. Sarah has been looking for a job but is taking a month-long break from the job-seeking effort due to her lack of skills.arrow_forward
- Which of the following does the unemployment rate not tell us? A. Percent of the labor force currently unemployed B. Ratio of the number of unemployed over the size of the labor force C. Percent of workers who wish to retire within the next 12 months D. Share of the labor force that is currently joblessarrow_forwardWhich of the following people would be classified as unemployed by the Bureau of Labor Statistics Select one: a. Brian who is in the military, stationed in Iraq b. Lisa who has graduated college and is attending job fairs c. Joyce who just quit her job and has returned to school d. Mr. Thomas who is retired and spends his day watching his grandkidsarrow_forwardWhat is the trend on long-term unemployment and why does it hurt more than the short term unemployment?arrow_forward
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