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Unformatted text preview: Homework 9 ECON 010, Fall 2011 Question 1: National Labor Statistics The Bureau of Labor Statistics reported the following data for the second quarter of 2008: Labor force: 154,294,000 Employment: 146,089,000 Working-age population: 233,410,000 Calculate for that quarter the: a. Unemployment rate. b. Labor force participation rate. c. Employment-to-population ratio. Question 2: National Labor Statistics Between 2004 and 2007, total US employment increased by 6.8 million workers, but the number of unemployed workers declined by only 1.1 million. How are these numbers consistent with each other? Question 3: National Labor Statistics Economists use labor-market data to evaluate how well an economy is using its most valuable resource - its people. Two closely watched statistics are the unemployment rate and the employment-to-population ratio. Explain what happens to each of these in the following scenarios. a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs....
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This note was uploaded on 04/04/2012 for the course ECON 010 taught by Professor Stein during the Fall '07 term at UPenn.
- Fall '07