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Chapter 8: Q 31 (page 215)
Is a decrease in the unemployment rate necessarily a good thing for a nation? Explain.
Unemployment rate depicts percentage of individuals unemployed in total labor force.
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As the baby boom generation retires, the ratio of retirees to workers will increase noticeably. How will this affect the Social Security program? How will this affect the standard of living of the average American?
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 pursing similar work in Arizona
d. printers laid off due to drop in demand for printed catalogues and flyers as firms go the internet to promote an advertise their products.
e. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.
What forces create the natural rate of
unemployment for an economy?
Would you expect the natural rate of
unemployment to be roughly the same in different countries?
Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are 鈥渘ot in the labor force?鈥� What are the proportions of employed, unemployed and not in the labor force in the population? Hint: Proportions are percentages
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