Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its...

Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its people. Two closely watched statistics are the unemployment rate and the employment–population ratio (calculated as the percentage of the adult population that is employed).

Indicate what happens to the unemployment rate and the employment–population ratio in each of the following scenarios.

Scenario	Effect On...
Scenario	Unemployment Rate	Employment–Population Ratio
A financial firm goes bankrupt and lays off its workers, who immediately start working in other financial firms.	Stays the same	Stays the same
After an unsuccessful search, some laid-off workers quit looking for new jobs.	Decreases	Stays the same
Numerous students graduate from college and immediately begin new jobs.	Decreases	Increases
A stock market boom induces newly enriched 60-year-old workers to take early retirement.	Increases	Decreases

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Economists use labor-market data to evaluate how well an economy is using its most valuable resource—its...

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