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Chapter 21: Q. 7 (page 523)
Many college students graduate from college before they have found a job. When graduates begin to look for a job, they are counted as what category of unemployed?
Frictionally unemployed.
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Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?
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.
A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.
While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other words, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?
Would you expect the natural rate of unemployment to be roughly the same in different countries?
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