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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

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 “not in the labor force?” What are the proportions of employed, unemployed and not in the labor force in the population? Hint: Proportions are percentages

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

What criteria do the BLS use to count someone as employed? As unemployed?

Is it desirable to eliminate natural unemployment?

Why or why not? Hint: Think about what our economy would look like today and what assumptions would have to be met to have a zero rate of natural unemployment.

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