1. What three categories does the Bureau of Labor Statistics classify adults in to measure unemployment?...

1. What three categories does the Bureau of Labor Statistics classify adults in to measure unemployment?

_____________________________ _____________________________ ______________________________

What is the labor force? ___________________________________________________________________
What does the unemployment rate measure? ___________________________________________________

__________________________________________________________________________________________

4. What does the labor force participation rate measure? ___________________________________________

__________________________________________________________________________________________

If the total population (age 16 and over) is 40 million, 1 million are unemployed, and 24 million currently hold jobs, how big is the labor force? _____________________________ what is the unemployment rate? _________________________ the labor force participation rate? _______________________________

Solutions

Expert Solution

See images for answers

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

What problems does the Bureau of Labor & Statistics face in measuring unemployment? Discuss the three...

What problems does the Bureau of Labor & Statistics face in measuring unemployment? Discuss the three problems that make the consumer price index and imperfect measure of the cost of living.

1. What are the three categories into which the Bureau of Labor Statistics divides everyone? How...

1. What are the three categories into which the Bureau of Labor Statistics divides everyone? How does the BLS compute the labor force, the unemployment rate, and the labor-force participation rate? 2. Why is frictional unemployment inevitable? How might the government reduce the amount of frictional unemployment? 3. Are minimum-wage laws a better explanation for structural unemployment among teenagers or among college graduates? Why? 4. How do unions affect the natural rate of unemployment? 5. What claims do advocates of...

How does the Bureau of Labor and Statistics compute the labor force and the unemployment rate?...

How does the Bureau of Labor and Statistics compute the labor force and the unemployment rate? How does the current U.S. unemployment rate compare with unemployment rates in other developed countries and unemployment rates from U.S. history? Define the following causes of unemployment: frictional, structural, and cyclical. Which of these causes is more paramount during a severe recession? How might governments reduce the amount of: 1) frictional and 2) structural unemployment? Why do unemployment rates in European countries tend to...

Presently, the 'official' headline unemployment rate published by the Bureau of Labor Statistics (BLS) does not...

Presently, the 'official' headline unemployment rate published by the Bureau of Labor Statistics (BLS) does not recognize "discouraged workers" as part of the Labor Force. Would capturing "discouraged workers" provide for a more accurate measure of the nation's unemployment picture? Explain. What impact does the labor force participation rate have on the unemployment rate?

Assume the following people are interviewed by a representative of the Bureau of Labor Statistics. Classify...

Assume the following people are interviewed by a representative of the Bureau of Labor Statistics. Classify each as either employed, unemployed, or not in the labor force. For each scenario, explain why you classified the person the way you did. Nancy Lopez reported to the interviewer that last week she worked 30 hours as a sales manager for the Coca-Cola Bottling company. Bill Stevens lost his job when the local plant of Arco Steel Company was closed down. Since then,...

The Bureau of Labor and Statistics (BLS) calculates the unemployment rate for the United States. For...

The Bureau of Labor and Statistics (BLS) calculates the unemployment rate for the United States. For June of 2020, they published numbers that were close to the following: Civilian noninstitutional Population = 260 million Labor Force = 160 million Employed = 142 million Unemployed = 18 million Retired = 60 million A- Calculate the unemployment rate and the participation rate for June of 2020 in the US using two decimal places (3 points each). B- The United States have gone...

The unemployment rate statistic published by the Bureau of Labor Statistics may underestimate the magnitude of...

The unemployment rate statistic published by the Bureau of Labor Statistics may underestimate the magnitude of the unemployment problem in the economy because "all part-time workers are counted as ""employed"" even though some would prefer to work full-time (i.e. are underemployed)." some workers are working in jobs for which they are overqualified (also underemployed). """discouraged workers,"" who are no longer looking for work, are not counted in the labor force." all of the above. Underemployment includes the following: People employed...

The Bureau of Labor Statistics (BLS) reported that 9.6% of adults aged 20 to 24 years...

The Bureau of Labor Statistics (BLS) reported that 9.6% of adults aged 20 to 24 years were unemployed in April 2015. Suppose that Jacqui believes that in her city the unemployment rate is higher than the reported proportion. She determines the unemployment status of 450 randomly selected adults in the given age range. She decides to conduct a z-test for the proportion p of unemployed adults in her town aged 20 to 24 years old. Determine the power to reject...

How would you improve upon the way the Bureau of Labor Statistics computes the unemployment rate?

Visit the Bureau of Labor Statistics website and identify the national unemployment rate. How do you...

Visit the Bureau of Labor Statistics website and identify the national unemployment rate. How do you interpret this rate? Next, read about the Unemployment Insurance in the chapter on Unemployment. Identify at least two changes to the Unemployment Insurance Policy that were instituted in March 2020 in response to the COVID-19 crisis. You can read more about the Unemployment policies here. What might be some of the short-term and long-term consequences of this change.

Subjects