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Chapter 21: Q 10. (page 524)
Are all adults who do not hold jobs counted as unemployed?
No, this is not right and not possible too.
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A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force. What鈥檚 the unemployment rate? What share of the population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other high-income countries?
Over the long term, has the U.S. unemployment rate generally trended up, trended down, or remained at basically the same level?
What type of unemployment (cyclical, frictional, or structural) applies to each of the following:
(a) landscapers laid off in response to a drop in new housing construction during a recession.
(b) coal miners laid off due to EPA regulations that shut down coal-fired power
(c) a financial analyst who quits his/her job in Chicago and is pursuing similar work in Arizona
(d) printers were laid off due to a drop in demand for printed catalogs and flyers as firms go the internet to promote and advertise their products.
(e) factory workers in the U.S. were laid off as the plants shut down and move to Mexico and Ireland.
The U.S. unemployment rate increased from 4.6%
in July 2001 to 5.9% by June 2002. Without studying the subject in any detail, would you expect that a change of this kind is more likely to be due to cyclical unemployment or a change in the natural rate of unemployment? Why?
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