# ps_ch19 - Problem Set For Chapter 19 Long-Run and Short-Run...

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Problem Set For Chapter 19 Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation 1) Which of the following people would be unemployed according to official statistics? Which ones would you define as unemployed? Why? a) A person who is home painting the house while seeking a permanent position as an electrician b) A full-time student c) A recent graduate who is looking for a job d) A parent who decides to stay home taking care of children full-time e) A worker who quits his job because he thinks the pay is insufficient but not looking for another f) A teenager who gets discouraged looking for work and stops looking 2) Complete the tables below: Year Total Employment (millions) Unemployment Rate (percent) Labor Force Participation Rate (percent) Working-Age Population (millions) 1950 5,2 59,7 106,2 1960 67,6 5,4 60,0 1970 80,8 61,0 139,2 3) In April 2003, the number of employed stood at 137,7 million while the number of unemployed stood at 8,8 million. What was the unemployment rate in April? A month

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## This note was uploaded on 12/03/2009 for the course INDUSTRIAL IE 307 taught by Professor Arzuakyüz during the Spring '09 term at Atılım Üniversitesi.

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ps_ch19 - Problem Set For Chapter 19 Long-Run and Short-Run...

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