The following table contains us employment

This preview shows page 6 - 8 out of 16 pages.

The following table contains U.S. employment information from February 2011. Civilian Population Employed Unemployed Discouraged (Persons 16 years old and over) (Persons) (Persons) (Persons) 238,851,000 139,573,000 13,673,000 1,020,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows: U-4 U- 4 = = 100× Unemployed+DiscouragedLabor Force + Discouraged 100×Unemployed+DiscouragedLabor Force + D iscouraged Fill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization.
The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy.
3. Types of unemployment The three people described in the following table are categorized as unemployed by the Bureau of Labor Statistics. Identify each person in the table as structurally, frictionally, or cyclically unemployed. Unemployment Type Structural Frictional Cyclical Felix recently lost his job as a waiter at a local restaurant. A recent increase in the minimum wage keeps local employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. He continues to look for a job, but he's
Unemployment Type Structural Frictional Cyclical considering going back to school for vocational training. A recent recession has reduced the number of visitors to a local theme park. The park has had to lay off many of its employees, including Megan. Janet is a physician who has decided to relocate to California to be closer to her family. She is currently interviewing with several prestigious hospitals in the San Francisco Bay Area. The following table shows data on frictional, cyclical, structural, and total unemployment for an economy. Unemployment Type Rate (Percent ) Frictional 3.3 Cyclical 0.0 Structural 1.0 Total unemployment 4.3 True or False: This economy is currently at its natural rate of unemployment.
4. Sectoral shifts, frictional unemployment, and job searches Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will decrease

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture