Econ 2301

UNEMPLOYMENT Assignment Name ______'-- Read the slides on unemployment and answer the following questions. 1. To be considered unemployed, a person needs to meet 2 qualications: 3. b. 2. Historically, what are the highest and lowest unemployment rates (NOT years) in our history? 3. There are 5000 people of working age. 2500 people are working full time. 900 are working part time. 350 people are without jobs and looking for work. a. Calculate the unemployment rate. b. Calculate the labor force participation rate. 4. As you can see from the slides, the labor force participation rate increased signicantly throughout the 605, 705, and 805. What do you think caused this increase? 5. Fill in the blank with a type of unemployment a. You graduate from high school and look for a job. ___________ b. You are replaced by robot at work. ____'____ c. You lose your job in the 2008 recession. ____________ d. You are a beach lifeguard and it is winter. _____________ and (in / not in) the labor force. 6. Jana was laid off and is looking for work. She is . Jana After 6 months Jana gives up looking for a job. Jana is called a is [inot in) the labor force. What happens to the unemployment rate? 7. When the unemployment rate equals the natural rate of unemployment, what kinds of unemployment will continue to exist? 8. When the economy is at full employment, will the unemployment rate be 0%? Explain briey. 9. Find the jobs report for the most recent month (search \"BLS jobs report" and add the most recent completed month and year). a. What is the current unemployment rate? b. How many people are currently unemployed? c. What is the current labor force participation rate? d. How many people are working part time jobs but would like full time jobs