LABOR ECONOMICS (LL+ACCESS)
8th Edition
ISBN: 9781264909339
Author: BORJAS
Publisher: MCG
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Chapter 12, Problem 3P
To determine
Explain the total number of weeks of
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Students have asked these similar questions
The total adult, working-age population in January 2017 was 254.1 million.
Out of this total population, 152.1 million were classified as employed, and 7.6 million were classified as unemployed.
The remaining 94.4 million were classified as out of the labor force.
As you will learn, however, this seemingly simple chart does not tell the whole story.
Discuss what the unemployment rate is telling us. Explain what the unemployment rate does not tell us regarding the economy, or the health of the economy. What might we miss if we try to judge the economy based only on the unemployment rate?
Suppose you are given the following data for a small economy:
Number of unemployed workers: 1,000,000.
Labor force: 10,000,000.
Based on this data, answer the following:
What is the unemployment rate?
Can you determine whether the economy is operating at its full employment level?
Now suppose people who had been seeking jobs become discouraged, and give up their job searches. The labor force shrinks to 900,500 workers, and unemployment falls to 500,000 workers. What is the unemployment rate now? Has the economy improved?
Not all groups in our society experience equal opportunity to work. The purpose of this discussion board is to allow you to research and explain the causes of disparity between current total U.S. unemployment and the unemployment rate for a demographic of your choice. Do not just list unemployment rates. Explain what causes the rates for the demographic of your choice to be different from the National average.
Visit the Bureau of Labor Statistics website. What is the current national unemployment rate? Find the unemployment rate for the demographic group that best fits a description of you (for example, based on age, sex, and race) or choose a demographic group of interest. Is the rate for that demographic higher or lower than the national average? What are some reasons for the differences? Do some research in support of what you present. What factors contribute to the differences?
Covid-19 caveat: The Pandemic did not necessarily impact all demographics in the same way.
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LABOR ECONOMICS (LL+ACCESS)
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