ECON 201 HOMEWORK
1. The Bureau of Labor Statistics announced that in April 2010, of all adult Americans, 139,455,000 were employed, 15,260,000 were unemployed, and 82,614,000 were not in the labor force.
Use this information to calculate:
a. the adult population = employed+unemployed+not in the labor force=237329000
b. the labor force = employed+unemployed=154715000
c. the labor-force participation rate = (labor force/adult population) x 100= 65.2%
d. the unemployment rate = (unemployed/labor force) x 100= 9.9%
2. Go to the website of the Bureau of Labor Statistics (http://www.bls.gov). What is the national unemployment rate right now? Find the unemployment rate for the demographic group that best fits a description of you (for example, based on age, sex, and race). Is it higher or lower than the national average? Why do you think this is so?
National unemployment rate right now is 7.3
Unemployment rate for the demographic group that best fits a description of me:
Adult men (20 years and over) is 7.0 and this rate is lower than National unemployment rate.
The reason of 20 years and over unemployment rate is lower than National unemployment rate: because 20 years and over group does not cover all nation. There are also another people at between 16 and 20 years old labor force.
4. 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. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?
a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs.
Employment-population ratio will fall and unemployment rate will rise.
b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs.
Unemployment rate will fall and the
Use this information to calculate:
a. the adult population = employed+unemployed+not in the labor force=237329000
b. the labor force = employed+unemployed=154715000
c. the labor-force participation rate = (labor force/adult population) x 100= 65.2%
d. the unemployment rate = (unemployed/labor force) x 100= 9.9%
2. Go to the website of the Bureau of Labor Statistics (http://www.bls.gov). What is the national unemployment rate right now? Find the unemployment rate for the demographic group that best fits a description of you (for example, based on age, sex, and race). Is it higher or lower than the national average? Why do you think this is so?
National unemployment rate right now is 7.3
Unemployment rate for the demographic group that best fits a description of me:
Adult men (20 years and over) is 7.0 and this rate is lower than National unemployment rate.
The reason of 20 years and over unemployment rate is lower than National unemployment rate: because 20 years and over group does not cover all nation. There are also another people at between 16 and 20 years old labor force.
4. 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. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?
a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs.
Employment-population ratio will fall and unemployment rate will rise.
b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs.
Unemployment rate will fall and the