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Suppose the official unemployment rate is 10 percent. We can conclude without question that:
a. the same 10 percent of the people in the economy was out of work for the entire year.
b. 1 out of every 10 people in the civilian labor force is currently unemployed.
c. the same 10 percent of the people in the civilian labor force was out of work for the entire year.
d. each person in the civilian labor force was out of work for 10 percent of the year.

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Divya Singh
Divya SinghLv10
17 Oct 2020

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Related questions

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. •U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force; •U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force; •U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate); •U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers; •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 •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.

1. 440,000 people are residing in Riverside. Among them, 80% of the population is the civilian labor force. 15% of the civilian labor force lost their jobs because their job skills are not required any longer. 30% of civilian workers are unemployed because the current wage is fixed at a very high rate. An a. Classify the civilian labor force in Riverside into one of the following unemployment types: structural, and frictional unemployment and explain why. (At least 200 words) b. Discuss at least two potential public policies that could reduce unemployment rates in Part A. (At least 200 words) c. Calculate how many of the civilian labor force (not percentage) in Riverside would fall into each type of unemployment. (Show mathematical steps in detail to receive full credits). d. Calculate the total number of employed workers in Riverside (Show mathematical steps in detail to receive full credits).

4. Consider an economy with the following labor force characteristics:
Number of people employed E =135 million
Number of people unemployed U= 15 million

Number of people officially classified as out of the labor force O= 150 million


a.Calculate the unemployment rate using the above data.

b. Calculate the labor force participation rate using the above data.

c. Assume that 10 million unemployed people quit looking for work and 10 million of those people currently out of the labor force make a permanent move from their current residences in Springfield Massachusetts to Hobart Tasmania where they apply for permanent residency. Tasmania is a state in the nation of Australia. Calculate the new labor force participation rate for the United States.


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