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?

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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: A) What was the unemployment rate? Show your work. B) What was the labor force participation…

A: Unemployment rate is the percentage of the labor force that is jobless and actively seeking…

Q: If a contry has a noninstitutional population of 200 million and a labor force of 160 million and…

A: Labor force participation rate: It indicates the percentage of the working-age population in the…

Q: What is the size of the labor force? million What is the official unemployment rate? %

A: The ‘unemployment’ of an economy is the part of the population which is actively finding jobs and…

Q: TRUE or FALSE and explain your answer: Unemployed persons are part of the labour force.

A: Labor Force: The Labor force includes all those people who are currently working and/or in search…

Q: In a country with a population of 75 million people there are 19 million children under the age of…

A: Unemployment rate refers to the percentage of labor force that is unemployed.

Q: 1. Measuring employment, unemployment, and labor force participation Consider a small economy…

A: People who are working or has a job are considered employed. People who are actively looking for a…

Q: Suppose a country has a working-age population of 200 million, with 6.82 million unemployed and…

A: Unemployment rate refers the rate of the person who willing to work and have skills but dont have…

Q: The real time population survey reports unemployment and labor force numbers while the BLS reports…

A: The real time population survey is a shorter span of survey to understand the labor market trend in…

Q: Is the current unemployment rate close to NAIRU in sr lanka

A: Macroeconomics is a department of economics that studies the conduct and overall performance of an…

Q: Consider two hypothetical countries. In Country A, 18 percent of the labour force is unemployed for…

A: Those who are ready to work and able, but unable to find employment opportunities are referred to be…

Q: South Africa GDP was recorded at $302.5 billions and $311.7 billions in 2008, 2009 and 2010…

A: To decide the sort of unemployment within the given monetary condition, it's vital to don't forget…

Q: The quantity demanded of frozen strawberries decreased from 1,800 to 1,550 when the price of fresh…

A: Cross elasticity of demand refers to the percentage change in quantity demanded of one good due to…

Q: Assume that in a country, the total labour force is 150,000 workers, and the total numbers of…

A: Here, The total labor force is 150,000 workers. The total number of workers employed is 145,500

Q: unemployment

A: The workforce cooperation or participation rate is the quantity of people in the workforce as a…

Q: Typically, even at similar stages of the economic cycle, the unemployment rate in several West…

A: Unemployment is a social evil in the economy wherein the unemployment caters to a downfall of the…

Q: Calculate the unemployment rate based on the following information: Working-age population: 219…

A: Unemployment is an economic problem that occurs when people who are able and willing to work fail to…

Q: Consider an economy with the following data: Population (civilian, 16 and older,…

A: Given Total population (Civilian, 16 and older, non-institutionalized) = 100 million Employed…

Q: In 2019, the Labor Force Survey measured the economically active population is 40 million, the…

Q: Consider the following unemployment rate, actual and potential GDP data for a country over several…

A: The given table provides information about the actual output, potential output, and unemployment…

Q: Consider an economy with the following data: Population (civilian, 16 and older,…

A: Unemployment rate=unemployed/labor force*100 Labor force=employed+unemployed=188+12 =200

Q: Refer to the information provided in Table 1 below. What is the unemployment rate?

A: What is unemployment rate?

Q: ientrate, and the labor force participation rate. Enter your answers in the table below. (Give all…

A: The labor force participation rate is an estimate of an economy's active workforce. The formula is…

Q: Assuming the total population is 100 million, the civilian labor force is 80 million, and 76 million…

A: Unemployment Rate = [(Labor Force - Employed) / Labor Force]*100%

Q: Calculate the missing values in the table below by using the provided data collected in the…

A: People who are working are considered employed and people who are willing and able and looking for a…

Q: This question explores the calculation of the unemployment rate. You will be provided some imperfect…

A: Labor force is the addition of total number of employed person and total number of unemployed…

Q: Distinguish unemployment from the natural rate of unemployment.

A: Unemployment is a situation of a person who is actively looking for a job but unable to find a…

Q: Given the information below for the country of Islandisa, answer the following: Calculate the…

A: Unemployment rate =(Unemployed / labor force)*100L abor force Employed +unemployed Labor force in…

Q: Consider two hypothetical countries. In Country A, 18 percent of the labour force is unemployed for…

A: Comparing the two countries, unemployment in country A is unevenly distributed. However, in the case…

Q: Which type of unemployment is not included in the natural unemployment rate? Why? Which phase of the…

A: Unemployment is characterized as a circumstance where an individual of working age can't find a new…

Q: The labor force participation rate is the percentage of the working-age population in the labor…

A: The population is 283 million.The working-age population is 186 million.The labor(L) force is 129…

Q: ers u

A: Unemployment is when people who want to work are unable to find jobs.

Q: Find the relative change in unemployment from January 2005 to December of 2015.

A: Relative change in the unemployment rate from January 2005 to December 2015 can be calculated by…

Q: According to the most recent survey conducted by Statistics Bureau of Metropolis, currently there…

A: Employed individuals are those who are engaged in economic activity either part time or full time.…

Q: Is it ever possible to have zero unemployment in an economy? Why or why not? Explain in details

A: Economic growth and unemployment are the two most important economic variables. All the policies and…

Q: Suppose that the labor force in the Canary Islands is 82,452. There are also 1,631 stay-at-home…

A: The labor force is the sum of employed and unemployed people. The unemployment rate measures the…

Q: How can seasonal unemployment be alleviated? Should it be alleviated? Why or why not?

A: Seasonal unemployment means a situation when individuals are not having jobs(unemployed) at…

Q: c) Suppose that the Working-age Population is 45 million, the Labour Force is 38 million while the…

A: Employment to population ratio refers to the percentage of working population that is employed.…

Q: How do frictional unemployment characteristics affect the natural rate of unemployment?

A: Unemployment does not help the economy to grow and prosper. As a result of increase in the rate of…

Q: An economy is described by the following equations C = 62 + 0.6 (Y - T) T = 100 IP = 200 G = 80…

A: C: Consumption Y: Actual Output (600)T: Taxes (100)IP: Investment (200)G: Government Spending…

Question

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: explain why the unemployment rate is considered to be an incomplete measure

VIEW

Step 2: explain the alternative way the Bureau of Labor Statistics (BLS) provides

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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.
Suppose the economy of Questville has an adult (over age 16) population of 100 million, with a labor force participation rate of 90% and 77 million employed people. Calculate the number of unemployed:
Through the basic equation of the labor market (L = E + U), prove that in a steady state the open unemployment rate is inversely proportional to the ratio of the number of people who get a new job (f) to the person who lost their job(s)!
Look at the following data: Employed persons = 110 million; civilian labor force = 135 million persons; civilian noninstitutional population = 190 million. The unemployment rate is percent and the employment rate is percent. 10; 69 8; 57.9 18.5; 57.9 18.5; 81.5 12; 88
Which of the following statements regarding policy measures to reduce unemployment is/are correct? a) Additional employment opportunities can be created by increasing automated production of goods and services. b) Consumption and investment must be lowered by increasing taxes or interest rates. c) The population growth rate must be lowered.
Bell-land's unemployment rate is 7.2%. The ruler of Bell-land ( a wonderful, wise middle-aged woman in a wheelchair) asks you whether this is a good rate and if it is an improvement? What is your answer? What are the issues that you need to think about before giving your answer? Explain your answer using the concepts learned in the module. Bell-land is not the same as the U.S.
In order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment. What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer.
Assume you are told there are 3,000,000 in a country's labor force, 5,000,000 in the population, and the number of people employed is 2,820,000. What is the unemployment rate? 43% 5% 40% 6% 3%
Calculate the missing values in the table below by using the provided data collected in the household survey for February 2021. (Enter your responses as whole numbers.) Category Working-age population** Value Employed*" Unemployed** 150,239 Unemployment rate Labor force" 6.2% Labor force participation rate 61.4% ** Numbers in thousands "Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.
How do structural unemployment characteristics affect the natural rate of unemployment?