CHAPTER 13.docx - Pearson Essentials of Economics(5th Edition CHAPTER 13 UNEMPLOYMENT INFLATION 1 In August 2013 the working-age population of the

# CHAPTER 13.docx - Pearson Essentials of Economics(5th...

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Pearson Essentials of Economics (5thEdition)CHAPTER 13: UNEMPLOYMENT & INFLATION 1) In August 2013, the working-age population of the United States was 245.9 million. The working-age population is divided into those in the labor force (155.5 million) and those not in the labor force (90.4 million). The labor force is divided into the employed (144.2 million) and the unemployed (11.3 million). Those not in the labor force are divided into those not available for work (84.1 million) and those available for work (6.3 million). Finally, those available for work but not in the labor force aredivided into discouraged workers (0.9 million) and those currently not working for other reasons (5.4 million).-Use this data to help determine which one of the following statements is true: A. The unemployment rate is X 100 =7.3 % .B. The labor force participation rate is X 100 = 63.2 %C. The labor force is 245.9 million.D. Both A and B above are true.1. ANSWER: D 2. How does the U.S. economy create and destroy millions of jobs each year?(Mark all that apply.) 3. The BLS uses the establishment survey to collect information on employment in the economy. Indicate one drawback of the establishment survey compared to the current population survey andindicate one advantage. 11.3 million 155.5 million 155.5 million 245.9 million

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• Fall '18
• Andrew Solocha
• Inflation, Unemployment, average hourly earnings, Pearson Essentials Of Econ, Inflation & Unemployment

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