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

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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.

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