Suppose, in a nation called Utopian (which happens to calculate unemployment rates the same way the...

Suppose, in a nation called Utopian (which happens to calculate unemployment rates the same way the United States does), the number of discouraged workers is 10 million people; the number of full time students is 60 million people; the number of stay at home spouses is 200 million people; the number of underemployed workers is 40 million people; the number of phantom unemployed persons is 25 million people; the number of officially classified employed persons equals 300 million people; number of officially classified unemployed persons equals 40 million people; and the civilian non-institutionalized population equals 600 million people.

(a) Based on this information, calculate the official unemployment rate to the second decimal place (hundredths place). Please show how you got your answer – meaning show your work. Remember to state your answer as a percent (including the percent symbol, since without the percent symbol, your answer becomes meaningless).

(b) In one factual sentence (without any opinion of whether you think your answer is high or low), please clearly explain what information your answer in (a) above tells us.

In other words, the unemployment rate you calculated in (a) above tells us what information?

Make sure to use your answer in (a) in your sentence here.

(c) Now if the number of discouraged workers were reclassified as officially unemployed persons, how would this change the reported unemployment rate?

Again make sure that your unemployment rate number is reported to the second decimal place (hundredths place). Again, please show your work and present your answer as a percent.

(d) Based on your answers for (a) and (c) above, would you say that by the Bureau of Labor Statistics not counting discouraged workers as unemployed persons, that the reported unemployment rate tends to underestimate or overestimate the unemployment situation in the country? In your explanation, you must support your answer with your numbers from your answers for (a) and (c) above.

(e) Please explain who discouraged workers represent and what is it about discouraged workers that has the reported unemployment rate either underestimating or overestimating the unemployment situation in the country.

Expert Solution

Rahul Sunny answered 4 months ago

Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other...

Are U.S. unemployment rates typically higher, lower, or about the same as unemployment rates in other high-income countries? I got a answer that I found on this web site, but it is not helpful for me. So, please do not copy&paste that answer for my posting. The answer is that; Unemployment rate in U.S have been lower as compare to other countries. This is because of the following reasons that internet is a new medium through which many job seekers...

The nation is experiencing the following: a. It has a high unemployment which stems from an...

The nation is experiencing the following: a. It has a high unemployment which stems from an insufficient use of resources. b. It faces a current account deficit. c. It has a capital account surplus. d. The technology level is low e. The infrastructure level is low. What policy recommendations would we offer to cure the aforementioned maladies? Note, these policy recommendations should be complementary to one another, or if there is some contradiction, we should advise a sufficient...

A recent study shows that unemployment does not impact males and females in the same way...

A recent study shows that unemployment does not impact males and females in the same way (Newsweek, April 20, 2009). According to a Bureau of Labor Statistics report, 8.5% of those who are eligible to work are unemployed. The unemployment rate is 8.8% for eligible men and only 7.0% for eligible women. Suppose 52% of the eligible workforce in the U.S. consists of men. a. You have just heard that another worker in a large firm has been laid off....

An English word is called palindrome if its meaning may be interpreted the same way in...

An English word is called palindrome if its meaning may be interpreted the same way in either forward or reverse direction. Some examples of common palindromic words: civic, radar, level, rotor, noon, etc. Design an algorithm that takes a word as input and decides if the input word is palindrome. In your algorithm, a stack should be used. Describe the pseudo-code of your algorithm. What is the time complexity of your algorithm in big-O? PLEAS USE PSEUDO-CODE.

What is your interpretation of the advantages and disadvantages in the way in which unemployment is measured?

Read the following article:Many face new normal: Part-time pay, Full-time bills. The Wall Street Journal, Eastern edition. (11/13/14.)Question 6. What is your interpretation of the advantages and disadvantages in the way in which unemployment is measured? Is unemployment a social or an individual’s responsibility?

2. Suppose an economy with flexible exchange rates is facing a recession and unemployment. a. Describe...

2. Suppose an economy with flexible exchange rates is facing a recession and unemployment. a. Describe in detail the mechanism that leads from a change in fiscal policy to changes in interest rates, the exchange rate, and the current account balance. b. Do the same for monetary policy. c. Explain which policy is more effective.

Research the U.S. economic growth AND unemployment rates for the same 3-year period (2016-2019) and explain...

Research the U.S. economic growth AND unemployment rates for the same 3-year period (2016-2019) and explain why the Fed has raised the interest rate as shown in the picture. Also, predict what might happen to the Fed interest rate for the rest of 2019, and explain why.

Suppose there is a nation which produces and consumes just calculators and notebooks in the following...

Suppose there is a nation which produces and consumes just calculators and notebooks in the following amounts: Calculators Notebooks Quantity Produced Price of each Calculator Quantity Produced Price of each Notebook 2018 5 $20 15 $5 2019 6 $30 25 $6 Using the CPI, compute the percentage change in the overall price level. Use 2018 as the base year and fix the basket at 2 calculators and 6 notebooks. Using the GDP deflator, compute the percentage change in the overall...

Suppose that the unemployment rate is currently 4.0%. If the government increases tax rates (ceteris paribus),...

Suppose that the unemployment rate is currently 4.0%. If the government increases tax rates (ceteris paribus), what will happen? Answer your question using Keynesian economics. RGDP will fall RGDP will rise RGDP will stay the same RGDP could increase or stay the same RGDP could decrease or stay the same Suppose that people expect the prices of housing to rise. This will cause… Demand and supply for housing to increase Demand and supply for housing to decrease Demand for housing...

Which is not right? When rates of return are not the same for all years, the...

Which is not right? When rates of return are not the same for all years, the arithmetic mean will always be higher than the geometric mean. When rates of return are the same for all years, the arithmetic mean and the geometric mean will be equal. Annual geometric mean is not the same as annual holding period yield While the arithmetic mean is best used as an “expected value” for an individual year, while the geometric mean is the best...

Question