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Chapter 21: Q. 2 (page 523)
Using the above data, what is the unemployment rate? These data are U.S. statistics from 2010. How does it compare to the February 2015 unemployment rate computed earlier?
9.617%
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What criteria do the BLS use to count someone as
employed? As unemployed?
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.
Would you expect hidden unemployment to be higher, lower, or about the same when the unemployment rate is high, say , versus low, say ? Explain.
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?
Is it desirable to pursue a goal of zero unemployment? Why or why not?
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