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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

Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?

Would you expect the natural rate of

unemployment to be roughly the same in different countries?

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?

What happens to the labor force participation rate when employed individuals are reclassified as unemployed? What happens when they are reclassified as discouraged workers?

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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