Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 21, Problem 16RQ
Assess whether the following would be counted as “
- A husband willingly stays home with children while his wife works.
- A manufacturing worker whose factory just closed down.
- A college student doing an unpaid summer internship.
- A retiree.
- Someone who has been out of work for two years but keeps looking for a job.
- Someone who has been out of work for two months but isn’t looking for a job.
- Someone who hates her present job and is actively looking for another one.
- Someone who decides to take a part time job because she could not find a full time position.
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An individual with a college degree in finance who is working as a sales clerk would be considered .
Those who have stopped looking for employment and, hence, are no longer counted in the unemployed are classified as .
The percentage of adults in an economy who are either employed or who are unemployed and looking for a job is called
Unemployment is calculated as a
The Bureau of tracks and reports all data related to unemployment.
Children should be counted as
Those who have quit looking fo a job, often due to being discouraged by their inability to find suitable employment are counted as
The U.S. unemployment rate, which is based on a monthly survey carried out by the U.S. Bureau.
Use the following information to answer the next question.
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment.
Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month but still has not gotten a job offer.
George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve.
Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills.
Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year but was…
The stock of unemployed workers at any given time consists mostly of
people who have short spells of unemployment.
people who have long spells of unemployment.
people who have been laid off from one employer and become employed by another.
people who have searched for jobs, but who have become discouraged.
Chapter 21 Solutions
Principles of Economics 2e
Ch. 21 - Suppose the adult population over the age of 16 is...Ch. 21 - Using the above data, what is the unemployment...Ch. 21 - Over the long term, has the U.S. unemployment rate...Ch. 21 - Whose unemployment rates are commonly higher in...Ch. 21 - Beginning in the 1970s and continuing for three...Ch. 21 - Is the increase in labor force participation rates...Ch. 21 - Many college students graduate from college before...Ch. 21 - What is the difference between being unemployed...Ch. 21 - How do you calculate the unemployment rate? How do...Ch. 21 - Are all adults who do not hold jobs counted as...
Ch. 21 - If you an? out of school but working part time,...Ch. 21 - What happens to the unemployment rate when...Ch. 21 - What happens to the labor force participation rate...Ch. 21 - What are some of the problems with using the...Ch. 21 - What criteria do the BLS use to count someone as...Ch. 21 - Assess whether the following would be counted as...Ch. 21 - Are U.S. unemployment rates typically higher,...Ch. 21 - Are U.S. unemployment rates distributed evenly...Ch. 21 - When would you expect cyclical unemployment to be...Ch. 21 - Why is there unemployment in a labor market with...Ch. 21 - Name and explain some of the reasons why wages are...Ch. 21 - What term describes the remaining level of...Ch. 21 - What forces create the natural rate of...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - Would you expect the natural rate of unemployment...Ch. 21 - What is frictional unemployment? Give examples of...Ch. 21 - What is structural unemployment? Give examples of...Ch. 21 - After several years of economic growth, would you...Ch. 21 - What type of unemployment (cyclical, frictional,...Ch. 21 - Using the definition of the unemployment rate, is...Ch. 21 - Is a decrease in the unemployment rate necessarily...Ch. 21 - If many workers become discouraged from looking...Ch. 21 - Would you expect hidden unemployment to be higher,...Ch. 21 - Is the higher unemployment rates for minority...Ch. 21 - While unemployment is highly negatively correlated...Ch. 21 - Why do you think that unemployment rates are lower...Ch. 21 - Do you think it is rational for workers to prefer...Ch. 21 - Under what condition would a decrease in...Ch. 21 - Under what condition would an increase in the...Ch. 21 - As the baby boom generation retires, the ratio of...Ch. 21 - Unemployment rates have been higher in many...Ch. 21 - Is it desirable to pursue a goal of zero...Ch. 21 - Is it desirable to eliminate natural unemployment?...Ch. 21 - The U.S. unemployment rate increased from 4.6 in...Ch. 21 - A country with a population of eight million...Ch. 21 - A government passes a family-friendly law that no...Ch. 21 - As the baby boomer generation retires, what should...
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