Principles Of Economics, Student Value Edition Plus Mylab Economics With Pearson Etext -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134419381
Author: CASE
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 22, Problem 1.7P
To determine
Validating the statement on
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Virtually all economists and policymakers agree that, within limits, higher employment is better. If this is true, couldn't the government create more employment by hiring people to dig holes and fill them in again? Is this good economic policy?
The college graduates of 2000 could hardly have asked for better luck. The unemployment rate dropped to 4.1 % in May 2000- roughly, the lowest level in a generation- and employers were literally scrambling for new hires. Starting salaries rose, many graduating seniors had numerous job offers, and some firms even offered $10,000- $20,000 bonuses to students who signed the dotted line. Three years later, the job market for the Class of 2003 was rather different. U.S. economic growth had slowed to a crawl, and then to a halt. Companies that had stocked up on recent college grads in the tighter labour markets of 1998-2000 found themselves with more than they knew what to do with in 2002 and 2003. They were not eager to hire more. Bonuses and other “perks” disappeared; job offers became scarcer. With the unemployment rate around 6% in May and June of 2003, the job market was far from the worst ever. But it was nothing like the glory days of 2000.
YOU ARE REQUIRED TO:
(i) Briefly explain…
The following data pertains to Googa, an economy. Population:258 million. Population 16 years and under or institutionalized: 116 million. Population employed: 89 million. Population unemployed: 3 million. Population employed part time, but willing to work full time 16 million. Population currently not employed, not seeking employment, but willing and able to work 5 million.
a. what is the labor force in Googa?
b. what is the unemployment rate in Googa?
Chapter 22 Solutions
Principles Of Economics, Student Value Edition Plus Mylab Economics With Pearson Etext -- Access Card Package (12th Edition)
Knowledge Booster
Similar questions
- Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?arrow_forwardIs zero unemployment desirable? explainarrow_forwardIf there are 160,000 adults in the population of Hugo and 140,000 are working, what are the labor force participation and unemployment rates if 6,000 adults are either students or retired residents? How many people are considered unemployed?arrow_forward
- Economists use labor-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 (calculated as the percentage of the adult population that is employed). 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? Situations unemployment rate employment–population ratio More meaningful one 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.…arrow_forwardMatch the letter from A to D to the (text) that apply ( ) people who are out of work for relatively long periods of time (due to technological or economic displacement or lack of skills) ( ) people who are out of work only during certain times of the year ( ) people who are out of work due to a downturn in the business cycle ( ) people who are between jobs or just entering the labor market A.Frictional Unemployment B.Structural Unemployment C.Cyclical Unemployment D.Seasonal Unemploymentarrow_forwardWhy is the unemployment rate never zero, even at full employment? The unemployment rate is never zero, even at full employment, because _______. A. there are always new workers entering the labor market to search for work, workers leaving one job to search for another job, and workers who have been laid off and are searching for another job B. there are always people without jobs because of family responsibilities such as caring for children or elderly parents C. people make lifestyle choices such as early retirement, gap years, and movements from high-stress to low-stress jobs D. cyclical unemployment is always present in the economyarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, IncEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning