Macrohomework3 - Macroeconomics Homework Chapter 8:1-16 1....

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Macroeconomics Homework Chapter 8:1-16 1. Determine whether each of the following statements is true or false a. Some people who are officially unemployed are not in the labor force- false b. Some people in the labor force are not working- true c. Everyone who is not unemployed is in the labor force- false d. Some people who are not working are not unemployed- true. 2. Does the overall unemployment rate provide an accurate picture of the impact of unemployment on all U.S. population groups? The overall unemployment rate does not provide an accurate picture of unemployment on all U.S. population groups because teens and minorities tend to have a much higher unemployment rate than the overall unemployment rate. 3. The high unemployment in Mcdowell County was structural unemployment, because the workers had only one skill, mining, which did not match the demand of the local economy and they did not live where mining jobs were still available. 4. When the economy is at full employment, unemployment is usually at 4-6 percent, due to frictional, structural, and seasonal unemployment. Those transitioning between jobs are considered unemployed and therefore counted in the figure. A more generous unemployment insurance system would increase the unemployment percent we would consider full employment to be at, because people would tend to take longer to find jobs knowing that they need not find one right away, because unemployment insurance will take care of them. 5.
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Macrohomework3 - Macroeconomics Homework Chapter 8:1-16 1....

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