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Chapter 8: Q 30 (page 215)

Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?

Short Answer

Expert verified

Unemployment rate depicts percentage of individuals unemployed in total labor force.

Step by step solution

01

Step 1. Definition 

Unemployed people: People who are looking for job but are not able to find it.

02

Step 2. Discouraged workers

those workers who are eligible for jobs but have they have stopped looking for job because they might not find suitable options they are looking for.

03

Step 3. Statement

Increase in unemployment rate is a good thing if discourage workers join back labor force.

04

Step 4. Conclusion

Re entering of workers is a hopeful sign for the economy as it is indicating that more job opportunities are becoming available for workers. Otherwise increased unemployment is not a good thing.

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Most popular questions from this chapter

Unemployment rates have been higher in many

European countries in recent decades than in the United States. Is the main reason for this long-term difference in unemployment rates more likely to be cyclical unemployment or the natural rate of unemployment? Explain briefly.

Are all adults who do not hold jobs counted as unemployed?

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?

What are some of the problems with using the unemployment rate as an accurate measure of overall joblessness?

Is the higher unemployment rates for minority workers necessarily an indication of discrimination? What could be some other reasons for the higher unemployment rate?
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