Question
In: Economics
5 pts Currently, record numbers of Canadians are becoming unemployed due to the ongoing COVID-19 crisis....
5 pts
Currently, record numbers of Canadians are becoming unemployed due to the ongoing COVID-19 crisis. In this situation, how useful a measure is the unemployment rate? Briefly discuss.
Solutions
Expert Solution
Usefulness of the measure of unemployment rate is given
below-
1.The calculation is done by dividing the number of people
unemployed by the number of people employed or people in the labour
force.
2.Unemployment rate has been considered as the economic indicator,a
statistic which is helpful to understand the overall health of an
economy.
3.It is divided demographically in groups by - age or gender.Like
men in Canada have higher unemployment rate than women. Also higher
unemployment rate for youth are of long standing.
4.Measurement of unemployment is done on the basis of types of
unemployment. Like it is divided into two types Frictional and
Structural unemployment. It is then calculated how many are falling
under what category.
5.Racialized Canadians and Unemployment- That is racialized
Canadians have more labour force than non-racialized Canadians.9.2%
of racialized Canadians were unemployed compared to 7.3% of non
racialized Canadians.
Rahul Sunny answered 7 months agoRelated Solutions
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