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CHAPTER 8: UNEMPLOYMENT AND INFLATION M EASURING U NEMPLOYMENT : Current Population Survey o Employed : o Unemployed : o LABOR FORCE: The sum of employed and unemployed workers in the economy. o Not in labor force : o Discouraged Workers : UNEMPLOYMENT RATE: Unemployment rate = (No. of unemployed/Labor force)*100 LABOR-FORCE PARTICIPATION RATE: Labor-force participation rate=(Labor Force/Working-age population)*100 Solve 1.7, pg 268 Seasonal Unemployment Problems with Measuring the Unemployment Rate: 1. Distinguishing between unemployed and people who are not in labor force . 2. Underemployment . 3. Measurement problems : Features of the US labor market: 1. Decline in labor force participation rate of adult males: 2. Increase in labor force participation of females: 3. Different demographic groups have different unemployment rates. 4. In the US economy people usually remain unemployed only for a short period of time. 5.
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