Explain three major shortcomings of the officially reported unemployment in portraying the state of the job...

Explain three major shortcomings of the officially reported unemployment in portraying the state of the job market by referring to two items within each.

Expert Solution

There is a huge difference between officially reported unemployment and the actual number of the people unemployed. The major shortcomings are as :

Inaccurate data due to non recording of Cyclical and Frictional unemployment. Suppose a person earns a graduate degree and starts working as a data analyst, work for sometime and realizes that there is a better scope of artificial intelligence and thus goes for Master's degree in the same leading to unemplyment.
Inaccurate recording of the data : Sometimes the data is not being recorded properly and thus does not give a clear picture of the state of the job market. Due to shortage of time, the complete data is not being collected.
Hiding the facts so as to get the unemployment benefits from the government : Sometimes the person hides the fact of employment and does not give a clear picture so as to get the unemployment benefits from the government.

Rahul Sunny answered 6 months ago

Unemployment: limitations of how it is officially measured, describing the current unemployment problem - including types,...

Unemployment: limitations of how it is officially measured, describing the current unemployment problem - including types, causes (layoffs, etc.), duration, industries/sectors, regions, etc.

What is the type of unemployment in the following scenario? State the unemployment type and explain...

What is the type of unemployment in the following scenario? State the unemployment type and explain in a few sentences why it is the case. 1 After completing a complex computer programming project, Tetsuo got fired from his work. His prospects for a new job requiring a similar set of skills are good, and he has signed up with a job placement service for a programmer. He has declined offers for low-paying jobs. 2 When Akira and his co-workers refused...

even though the great recession officially ended, the unemployment rate is still considered high. discuss

2."Even though the Great Recession officially ended, the unemployment rate is still considered high." Discuss.

Briefly explain each category of unemployment. There are three categories.

macroeconomics explain how unemployment insurance, the cost of the job search, and the average of acceptable...

macroeconomics explain how unemployment insurance, the cost of the job search, and the average of acceptable job offers affects the reservation wage – for each, what happens to the reservation wage when there is a change in the other variable. Explain each mathematically and intuitively.

Explain in detail What are the three types of unemployment and explain how do they change...

Explain in detail What are the three types of unemployment and explain how do they change over the business cycle? Define the nominal wage rate and the real wage rate. Can the nominal wage rate increase faster than the real wage rate, if yes, then why?

List three arguments in favor of protectionist policies and discuss their shortcomings.

What are the three major sections of the CAFR? Discuss the information reported in each section. ...

What are the three major sections of the CAFR? Discuss the information reported in each section. Which of these three do you think is the most important for understanding the governmental entity? Why?

A recent article reported that a job awaits only one in three new college graduates. The...

A recent article reported that a job awaits only one in three new college graduates. The major reasons given were an overabundance of college graduates and a weak economy. A survey of 200 recent graduates from your school revealed that 80 students had jobs. At the .01 significance level, can we conclude that a different proportion of students at your school have jobs? Use critical value approach.

Question