Homework #5 - Anastasios Flokas Econ 162A-Section 2...

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Anastasios Flokas Econ 162A-Section 2 Professor Carolevschi March 20 2008 1. Since labor force equals the amount of people employed plus the amount of people unemployed the following people would consist of the labor force. Anna, Barney, Charlotte, Ethel, Hank, Irene, Jim, Karen, Larry, and Nick. Unemployment Rate = # of unemployed/labor force * 100 UR = 3 / 10 * 100 = 30 % 2. a. Frictional Unemployment b. Structural Unemployment c. Cyclical Unemployment d. Seasonal Unemployment e. Frictional Unemployment 3. a. UR for Feb. 2008 = 4.8% b. UR for Feb. 2007 = 4.5%, Feb. 2006 = 4.7%, Feb 2005 = 5.4%, Feb 2004 = 5.6%. It was a downward trend, meaning the unemployment rate decreased; therefore less people over the age of 16 were looking for jobs because a greater number of them were employed. This signifies that this is beneficial for the economy since a lower unemployment rate correlates with a higher real GDP. c. The UR for Hawaii = 3.1% and for Michigan the UR = 7.1%. These are in
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Homework #5 - Anastasios Flokas Econ 162A-Section 2...

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