Answered: Despite known problems in the method of…

Despite known problems in the method of calculating the unemployment rate, the approach is rarely changed in order to preserve data compatibility. O True

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Despite known problems in the method of calculating the unemployment rate, the approach is rarely
changed in order to preserve data compatibility.
O True
O False

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Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: See attached for table. Question 1 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. (See next page for the formula and directions for this problem). To calculate the unemployment rate you have to use the formula: Unemployment rate = # of unemployed ÷ labor force × 100% The BLS is the Bureau of Labor Statistics, an agency within the Department of Labor. The unemployment rate is calculated by taking a random survey of 60,000 households nationwide. (Note: Households are in the survey for four months, out for eight, back in for four, and then out for good. Interviewers use the phone or home visits using laptops.) The population is divided into three groups: Group 1 consists of those under age 16 or institutionalized.…
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step by step with steps and formula if possible Below are some employment data from the country Commagene. 2018 2019 2020 54 70 Number of Employed Number of Unemployed Number of Out of Labor Force Unemployment rate Labor Force Participation rate 90 80 180 310 60 20% 60% a) Using the information given in the table for year 2018, find the values of x and y. b) Using the information given in the table for year 2019, find the values of z and w. c) Using the information given in the table for year 2020, find the values of p and r.
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