Suppose that in a given month 98 million people are working and another 5 million are seeking work.
a. what would be the official unemployment rate as reported by STATIN?
b. now suppose the economy goes into recession, and 3 million workers are laid off and begin seeking work, while 4 million of those previously seeking work give up searching out of discouragement.
i. What is the true unemployment rate? (include the discouraged workers)
ii. What is the official unemployment rate as reported by STATIN?
iii. Briefly discuss the implications of your findings.
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Okay for a.
in the place given,
there are totally 103 mil people...
so we have to find out what % of 103 mil =5 mil
so after calculations u should get...
around 4-5 %..
parts c. Refer to the assumptions about employment and unemployment in the scenario in question 1. Suppose that 7 million of the employed switch to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not seeking work, while other 50% report they are not working but are seeking work.
i. What happens to the "true" unemployment rate?
ii. What happens to the official unemployment rate?
umm.. sry gtg..will answer later or u can ask other people...really sry.. :(