11 Problems and Applications Q5 Economists use labor market data to evaluate how well an economy is using its most valuable resourceits people Two closely watched statistics are the unemployment rate and the employment population ratio (calculated as the percentage of the adult population that is employed) Indicate what happens to the unemployment rate and the employment population ratio in each of the following scenarios Scenario Effect On Unemployment Rate Employment Population Ratio An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs After a long search, some laid off workers find new jobs As a result of an economic boom, many students drop out of school and start working as soon as they become adults A stock market boom induces newly enriched 60 year old workers to take early retirement

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Question: 11 . Problems and Applications Q5 Economists use labor-market data to evaluate how well an economy is using its most valuable resourceits people. Two closely

11 . Problems and Applications Q5

Economists use labor-market data to evaluate how well an economy is using its most valuable resourceits people. Two closely watched statistics are the unemployment rate and the employment-population ratio (calculated as the percentage of the adult population that is employed).

Indicate what happens to the unemployment rate and the employment-population ratio in each of the following scenarios.

Scenario	Effect On...
Unemployment Rate	Employment-Population Ratio
An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs.
After a long search, some laid-off workers find new jobs.
As a result of an economic boom, many students drop out of school and start working as soon as they become adults.
A stock market boom induces newly enriched 60-year-old workers to take early retirement.

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