Question

watch unemployment game show are you officially unemployed? https://www.youtube.com/watch?v=ulu35cameba decide if each of the contestants is unemployed or not and explain their status. contestant 1 contestant 2 contestant 3 contestant 4 read chapter 14 where did my job go? in the everything economics book 1. define the following terms a. unemployed b. employed c. labor force d. unemployment rate 2. who is not included in the labor force? 3. what is the labor force participation rate? 4. there are several flaws in unemployment calculations as a result of people who \fall through the cracks.\ explain how the following groups effect unemployment statistics. a. marginally attached workers b. discouraged workers 5. explain the following terms related to unemployment a. frictional unemployment b. structural unemployment c. cyclical unemployment d. full employment e. natural rate of unemployment 6. what is the opportunity cost of unemployment?

Explanation:

Answer:

1.
(a) People who are without work, are available for work, and have actively sought work in the prior four - weeks.
(b) People who have a job.
(c) The sum of the employed and the unemployed.
(d) The percentage of the labor force that is unemployed, calculated as (Unemployed / Labor Force)×100.

1. People who are not looking for work, such as retirees, full - time students, and those who have given up looking for work.
2. The percentage of the working - age population that is in the labor force, calculated as (Labor Force / Working - Age Population)×100.

4.
(a) Marginally attached workers are not counted as unemployed in the official statistics but could be considered as part of a broader measure of underutilized labor, which means the official unemployment rate may understate the true level of labor market slack.
(b) Discouraged workers are not counted in the labor force, so the official unemployment rate may overstate the health of the labor market as these workers are not actively seeking work but would work if they thought jobs were available.
5.
(a) Unemployment that results from temporary transitions made by workers and from entry and re - entry into the labor force.
(b) Unemployment that occurs because of a mismatch between the skills or location of workers and the requirements or location of available jobs.
(c) Unemployment that is related to the business cycle, rising during recessions and falling during expansions.
(d) A situation in which the unemployment rate is equal to the non - accelerating inflation rate of unemployment (NAIRU), and there is no cyclical unemployment.
(e) The unemployment rate that exists when the economy is at full employment, consisting of frictional and structural unemployment.

1. Lost output, as unemployed workers are not producing goods and services, and potential loss of skills over time.