Chapter 7-8.docx - Chapter 7 2 Suppose that the U.S...

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Chapter 7 2. Suppose that the U.S non-institutional adult population is 230 million and the labor force participation rate is 67%. a. What would be the size of the U.S labor force? 154.1 b. If 85 million adults are not working, what is the unemployment rate? 4% 3. Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment: a. A USP employee who was hired for the Christmas season is laid off after Christmas— seasonal unemployment b. A worker is laid off due to reduced aggregated demand in the economy-- cyclical unemployment c. A worker in a DVD rental store becomes unemployed as video-on-demand cable service becomes more popular-- structural unemployment d. A new college graduate is looking for employment— frictional unemployment 5. When the economy is at full employment, is the unemployment rate at zero percent? Why or why not? How would a more generous unemployment insurance system affect the full employment figure?
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