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Chapter 8: Problem 4

Whose unemployment rates are commonly higher in the U.S. economy: a. Whites or nonwhites? b. The young or the middle-aged? c. College graduates or high school graduates?

Short Answer

Expert verified
In the U.S. economy, nonwhites generally have higher unemployment rates than whites, the young (aged 16-24) have higher unemployment rates than the middle-aged (aged 25-54), and college graduates have lower unemployment rates compared to high school graduates.

Step by step solution

01

Comparison 1: Whites vs Nonwhites

In general, the nonwhite population tends to have a higher unemployment rate than the white population in the U.S. economy. This can be attributed to factors such as differences in educational attainment, occupational opportunities, and labor market discrimination. However, it is important to note that unemployment rates can vary greatly depending on geographic location and numerous other factors.
02

Comparison 2: The young vs the middle-aged

The unemployment rate is usually higher among the young (typically those aged 16-24) compared to the middle-aged (typically those aged 25-54) in the U.S. economy. This can be attributed to several factors, such as a lack of experience and applicable job skills, frequent job changes or transitions (e.g., between school and work), and a higher propensity to work part-time or in temporary positions.
03

Comparison 3: College graduates vs high school graduates

In general, college graduates have lower unemployment rates compared to high school graduates in the U.S. economy. This is because higher levels of education usually lead to more job opportunities and higher-paying jobs. Additionally, college graduates often have more specialized skills, which may be in demand by employers, whereas high school graduates typically have more general skills that may not be as highly sought-after in the job market.

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Most popular questions from this chapter

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

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 is frictional unemployment? Give examples of frictional unemployment.

Is it desirable to pursue a goal of zero unemployment? Why or why not?

Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?
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