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Chapter 8: Q.17 (page 214)

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

Short Answer

Expert verified

Generally lower

Step by step solution

01

Step.1  Introduction

Unemployment can be defined as the situation when a person who is able to work and is work, is also actively looking for jobs but is not able to find one. The percentage of working population that cannot find work is known as unemployment rate.

02

Step.2Explanation

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.

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

When would you expect cyclical unemployment to be rising? Falling?

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?

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

What term describes the remaining level of

unemployment that occurs even when the economy is healthy?

What happens to the unemployment rate when unemployed workers are reclassified as discouraged workers?
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