University:
Michigan State University
Course:
EC 301 | Intermediate Microeconomics
Academic year:

2024
Views:

320

Pages:

2
Author:

Accinkiquicpqw

How do you calculate the unemployment rate? Dividing the number of unemployed persons by the number of persons in the labor force (employed or unemployed) and multiplying that figure by 100. What are some of the criticisms of the unemployment rate? workers that become discouraged and stop actively looking for work are deemed to be not in the labor force and are, therefore, no longer counted as “unemployed.” Explain each of be different types of unemployment† Frictional Unemployment cause by the time people take moving from one job to another or looking for a job. Seasonal Structural Cyclical Unemployment when people who work in seasonal jobs become unemployed when demand for labor decreases Unemployment caused by a Unemployment that occurs mismatch between the when the demand of goods skills a person offers and and services in an economy the skills that an employer fall, causing the need for demands and changes in labor to go down technology. College graduates: don’t Someone being a present A company having to go have a job, are looking for a wrapper in the mall during Self-checkout at a grocery out of business and firing job, and have not found Christmas. store. employees. one. What is considered full employment? an economy in which the unemployment rate equals the nonaccelerating inflation rate of unemployment, no cyclical unemployment exists, and GDP is at its potential. Types of Unemployment Worksheet Directions: Each statement below describes a type of unemployment. In the space provided, write a “F” if the statement describes frictional unemployment, “ST” for structural unemployment, “C” for cyclical unemployment, or “SE” for seasonal unemployment. C 1. Fred Flintstone was laid off from the Quarry because the nation is suffering from a recession. F 2. Ronald McDonald, who just graduated from Clown School, is looking to find his first real job. SE 3. Scooby Doo is looking for a job during the winter since Kings Island is closed until Spring. ST 4. Paul Bunyan lost his job as a lumberjack because the timber company he works for decided to just buy chainsaws. C 5. The Tooth Fairy was fired because she just is not doing a good job. SE 6. Frosty the Snowman is expecting to be out of work shortly following the last big snow of the year. C 7. The Easter Bunny found out that he was being let go, since Americans have decided to not eat eggs, which are high in cholesterol. F 8. Mickey Mouse voluntarily quit his job at Disney & has decided that he will seek a job as a truck driver. C 9. Sam I Am was laid off after orders for Green Eggs & Ham declined greatly following last years stock market crash. ST 10.Peter Pan was fired from his job at the Peanut Butter factory because he is being replaced by RoboCop (a highly efficient peanut butter machine,