ECON 211 Study Guide - Midterm Guide: Occupational Segregation, Sexism, William Morris Endeavor

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chocolatesheep405

9 Nov 2016

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Wednesday, november 9, 2016 week 12 day 2. This is an overview of what is going to be covered on exam 2 on friday november 11, Why look at labor force trends by gender: de nitions. Part time for economic reasons: trends in labor force participation by gender, changes in patterns of women"s employment over the life cycle, trends in hours worked, trends in gender differences in unemployment, wmw chapter 7. Men not moving into female occupations: wme chapter 11. Tastes for discrimination: employer discrimination, employee discrimination, customer discrimination. Statistical discrimination: feedback effects, the effect of sexual orientation on earnings. Assigning care: being female associated with care for others, bargaining positions, caring labor. Depart from traditional work: emotional labor. Wednesday, november 9, 2016: care and utility maximization, evolution of social norms, socially imposed altruism, maternal vs paternal altruism, hostage effects, gender norms and marriage markets.

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Another important measure of how an economy is performing is the unemployment rate. But there is more to the unemployment rate than just the headline rate reported on the news. In particular we are going to look at the U3 rate (the Headline rate), the U6 rate and the labor force participation rate. Go to the Bureau of Labor Statistics On their home page from the menu on the right hand side of the page "Latest Numbers" click on Unemployment Rate. On the next page click on "Employment Situation Summary". The December 2014 report should be available. Read the report. Then using the tables linked from the bottom of the report find: The U3 rate; The U6 rate; and, The labor force participation rate. What are the differences among these measures? Note the percentages of each, what each measure includes and then express your views on what factors may be causing the U6 rate to be roughly twice the U3 rate and what may be causing the decline in the labor participation rate? Is the headline rate used by the most news report misleading? For your information, here is a summary of the six unemployment measures. â¢U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force; â¢U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force; â¢U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate); â¢U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers; â¢U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and â¢U-6, total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

2. Determine the labor market classification for each of the following. E.g. employed, cyclically unemployed, out of the labor force, frictionally unemployed, or structurally unemployed. The correct answer to each question below is one of these. A category may be used more than once. Simply saying the person is âunemployedâ is always an incorrect answer. You must provide the exact category of labor market status from the list of choices provided above. You may use a category more than once.

a. Homer lost his job last week at the nuclear power plant in Springfield. The plant was closed when taxpayers agreed on a ballot issue to replace it and all nuclear power plants with hydroelectric plants. Homer has special job skills that were unique to nuclear power plants.
Homerâs labor market status is ____________________

b. Bob was run over by a bicyclist yesterday. He must spend 3 days in the hospital and another 2 days at home recovering from his injuries before he can return to work for the U.S. Postal service. What is his labor market status during this 5-day time?
Bobâs labor market status is _____________________________________.

c. Ernie, a formerly unemployed computer analyst, now works 20 hours a week as a part-time employee at Home Depot.
Ernieâs labor market status is _____________________________________.

d. Tom is 50 years old. He resigned from his job as a gravedigger because he was finding it difficult to climb out on his own once the job was complete and was too embarrassed to ask for help even though the union contract with the company indicates that management will provide stepladders. He is currently looking for an above-ground job. He has been interviewing with landscape companies and is very optimistic about his future employment prospects. He continues to fill out job applications.
Tomâs labor market status is _____________________________________.

e. Michael won the largest lottery in US history. His after-tax lump sum lottery winnings were $450 million. He was never happy at his job at the Walmart in Springfield Massachusetts stocking shelves 30 hours a week (two less than the minimum to qualify for any health or retirement benefits) so he simply did not report to his job one day, never told anyone at work, changed his legal name and moved to Florida where he purchased a secluded home on a one of the Florida Keys. The strange thing is no one even called to see if he was OK. They just assigned someone else to his job. He now spends every day reading or walking along the beach. He is also reading travel brochures and soon will move to New Zealand for several months where he plans to play semi-professional rugby.
Michaelâs labor market status is _____________________________________.

F. Bill was finally arrested convicted for skimming (i.e. stealing) $5 million from the university where he was employed as a senior administrator even though no one at the university was looking for the money despite knowing it was missing. It took the work of a dedicated IRS agent reviewing university budgets 6 years after this event happened. Fortunately, it was still a few months before the statute of limitation expired. Now Bill lives in âfree federal housingâ in Connecticut where he is locked into his 7 feet by 9-feet cell or room as he calls it, each night until his 20 years are up.
Billâs current labor market status is __________________________.

sapphirehedgehog107

Part 1:
Define each one as either employed, unemployed, not in the labor force, not in the adult population.

1) Felix is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club.
2) Janis is a 12-year-old student in Middle School. She babysitter younger brother and does other chores, for which her parents give her an allowance of $30 per week.
3) Rajiv is a 30-year-old who lost his job as a copyeditor for a local newspaper. He has spent the past few weeks out of work interviewing for other editing jobs. If his job search doesn'tsucceed after a few more weeks, he is thinking about going back to grad school.
4) Meagan is an 18-year-old who just graduated from high school. She is taking it easy this summer, relaxing by the pool with her friends, and volunteering part-time at a nursery.

Part 2:
The table below contains U.S. employment information from February 2008.
Civil Non-Institutional Population (16 years andolder)=232,809,00
Employed=145,993,000
Unemployed=7,318,000
Discouraged=396,000

The BLS has several measures of joblessness in addition to the official unemployment rate. One alternative in the U-4 measure of labor underutilized, which is calculated at the following:
U-4=(unemployed+discouraged)/(Labor force+discouraged)*100

Official Unemployment Rate=?
The U-4 measure of Labor underutilized=?

Part 3(connected to part 2):
The official unemployment rate and the U-4 measure of laborunderutilized are 2 different measures of joblessness in the economy. If the BLS were to include discouraged workers in the official unemployment rate, the reported unemployment rate would(increase/decrease).

Part 4:
Frictional Unemployment: 1.0%
Cyclical Unemployment: 0.8%
Structural Unemployment: 4.1%
Total Unemployment: 5.9%
Using the table above: True or False. The economy is currently at its natural rate of unemployment?

Part 5:
Define as either Structural, Frictional, or CyclicalUnemployment

1) Automobile demand as fallen during a recent recession, and Haley has been laid off from her job on the assembly line (I think it's cyclical but I'm not too sure)
2) Jack recently lost his job as a waiter at a local restaurant. A recent increase in minimum wage keeps local employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. He continues to look for a job but reconsidering going back to school for vocational rate. (I think it's structural but not sure)

Part 6:
Suppose the world price of steel falls substantially. The demand for labor among steel production firms in Pennsylvania(increase/decrease). The labor demand among automobile producing firms in Michigan, for which steel is an input, will(increase/decrease). The unemployment resulting from such sectional shift in the economy is best described as(cyclical/structural/frictional/seasonal) unemployment.

I think it's decrease, decrease, and cyclical but not too sure.

Part 7:
Which of the following policies would reduce the natural rate of unemployment in the economy. More than one can apply.

1) An improvement to a widely used job-search website that allows it to match works to job vacancies more effectively.
2) Establishing government-run employment agencies to connect unemployed workers to job vacancies.
3) Offering recipients of unemployment insurance a cash bonus if they find a new job within a specified number of weeks

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ECON 211 Study Guide - Midterm Guide: Occupational Segregation, Sexism, William Morris Endeavor

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