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Chapter 21: Q 17. (page 524)

Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other high-income countries?

Short Answer

Expert verified

This depends on the country to which the US is compared.

Step by step solution

01

Step 1. Definition

Unemployed is a person who is constantly looking for a job or work and he/she is also capable of doing work but don鈥檛 able to get a job then they are unemployed.

02

Step 2. Explanation

The rate of unemployment in the US is lower higher or unchanged it depends upon the country to which it is compared.

As given in the question that as compared to other high-income countries, the unemployment rate is lower as compared to most of the countries this is because of various reasons.

03

Step 3. Conclusion

One reason is the internet penetration, as the accessibility to internet is more people tends to do a part-time job and find more on internet. The other reason may be the population of the US is middle-aged and their job is stable as compared to the young generation.

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Most popular questions from this chapter

Name and explain some of the reasons why wages are likely to be sticky, especially in downward adjustments.

Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big way. If we assume that wages are sticky in a downward direction, but that around 1970 the demand for labor equaled the supply of labor at the current wage rate, what do you imagine happened to the wage rate, employment, and unemployment as a result of increased labor force participation?

Assess whether the following would be counted as 鈥渦nemployed鈥� in the Current Employment Statistics survey.

a. A husband willingly stays home with children while his wife works.

b. A manufacturing worker whose factory just closed down.

c. A college student doing an unpaid summer internship.

d. A retiree.

e. Someone who has been out of work for two years but keeps looking for a job.

f. Someone who has been out of work for two months but isn鈥檛 looking for a job.

g. Someone who hates her present job and is

actively looking for another one.

h. Someone who decides to take a part-time job because she could not find a full-time position.

Under what condition would an increase in the unemployment rate be a positive sign?

How do you calculate the unemployment rate? How do you calculate the labor force participation rate?
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