Why is the unemployment rate considered to by some to be an incomplete measure of economic hardship and lost output? What alternative measure is provided by the Bureau of Labor Statistics to measure lost economic productivity?

Based on the following data, compute a) the unemployment rate, b) the structural unemployment rate, c) the cyclical unemployment rate. fractional unemployment: 2 percent  national unemployment rate: 5 percent  civilian labor force: 100 million  number of employed persons: 82 million

Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.   The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment 4% Population of the country 125 million Number of people employed 97 million Number of people unemployed 3 million Number of people employed part time 5 million Number of discouraged workers 2 million (c) Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. (d) Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work.

Unemployment associated with individuals voluntarily leaving their job can be labelled: (a) seasonal unemployment; (b) discouraged worker syndrome; (c) frictional unemployment; (d) structural unemployment.