QUESTIONS FOR REVIEW 1 What are the three categories into which statistics offic
ID: 1120118 • Letter: Q
Question
QUESTIONS FOR REVIEW 1 What are the three categories into which statistics offices 5 How do unions affect the natural rate of unemployment? responsibie for measuring unemployment divide everyone? 6 Do you think unions will be recognized in Arab League How do these offices compute the labor force, the countries in the wake of the recent political protests changes in some countries? unemployment rate, and the labor-force participation rate? 2 Is unemployment typically short term or long term? Explain.7 What claims do advocates of unions make to arque that 3 Why is frictional unemployment inevitable? How might the unions are good for the economy government reduce the amount of frictional unemployment? Explain four ways in which a firm might increase its profits by 4 Are minimum-wage laws a better explanation for structural raising the wages it pays unemployment among teenagers or among university graduates? Why?Explanation / Answer
Answer1:
Three categories are-
1. Employed- This involves people who are employed full time, part time and working in their family business.
2. Unemployed- This involves people who are in labor force and are able to work but due to unavailability of jobs or any other reasons, they are not able to find jobs. Below are the types of unemployment.
3. Not in the labor force- Labor force includes people who are able and willing to work. People above 16 years are counted in labor force and those who are not employed and are not willing to work comes under the category of not in labor force.
Computation of:
1. Labor force= Number of Employed + Number of Unemployed
2. Unemployment rate= Number of Unemployed / Labor Force
3. Labor force participation rate= Labor force/ Working age population