Homework SourseThe government of a small country conducts a phone survey of
The government of a small country conducts a phone survey of randomly selected households and obtains the following information from citizens:
S. Potter is a career soldier in the US Army.
B. Ash lives in Arizona where there are no jobs for deep-sea divers. He does not have a job but looks for one every day. He is trained as a deep-sea diver.
S. Beech says “I don’t have a job, but I looked for one last week.” She is lying, she’s never really looked for a job, but the government doesn’t know this.
C. Chestnut voluntarily quit her job as a waitress last week, and is actively looking for a better job as a nuclear physicist, a job she has been trained for. (looked for a job yesterday).
D. Fir lost his job as a tree surgeon two weeks ago when a recession caused the company where he worked to close. He is actively looking for work. (looked for a job last week).
E. Ebony is 50 years old, has never had a job and has never looked for one.
Mr. Loon is crazy. He is institutionalized at a state mental hospital where he has a job teaching bird calls to other inmates.
Dr. Doolittle, a medical doctor, is working as a manager at Taco Bell 1 hour a week.
M. Rooney is 5 years old. He works as an actor and makes $1 million a year.
J. Seward lives in Alaska. He has not looked for a job for the past 6 months.
B. Gates voluntarily quit his job as CEO last week in order to look for a new job that would better use his skills as a talk-show host. He doesn’t have a job, but is actively looking for one.
M. Wallace is 93 years old. He works as an anchor-man for a TV network. He also works nights delivering pizza for Dominos pizza. Finally, he works once a week at the CBS Bar and Grill as a bartender.
J. Cleaver works 100 hours a week taking care of Wally and the Beav. She receives $50/week in pay.
Given the above information, calculate:
The number of unemployed people is
The number of employed people is
The labor force =
The unemployment rate is %.
and are frictionally unemployed
is cyclically unemployed.
is structurally unemployed.
The government of a small country conducts a phone survey of randomly selected households and obtains the following information from citizens:
S. Potter is a career soldier in the US Army.
B. Ash lives in Arizona where there are no jobs for deep-sea divers. He does not have a job but looks for one every day. He is trained as a deep-sea diver.
S. Beech says “I don’t have a job, but I looked for one last week.” She is lying, she’s never really looked for a job, but the government doesn’t know this.
C. Chestnut voluntarily quit her job as a waitress last week, and is actively looking for a better job as a nuclear physicist, a job she has been trained for. (looked for a job yesterday).
D. Fir lost his job as a tree surgeon two weeks ago when a recession caused the company where he worked to close. He is actively looking for work. (looked for a job last week).
E. Ebony is 50 years old, has never had a job and has never looked for one.
Mr. Loon is crazy. He is institutionalized at a state mental hospital where he has a job teaching bird calls to other inmates.
Dr. Doolittle, a medical doctor, is working as a manager at Taco Bell 1 hour a week.
M. Rooney is 5 years old. He works as an actor and makes $1 million a year.
J. Seward lives in Alaska. He has not looked for a job for the past 6 months.
B. Gates voluntarily quit his job as CEO last week in order to look for a new job that would better use his skills as a talk-show host. He doesn’t have a job, but is actively looking for one.
M. Wallace is 93 years old. He works as an anchor-man for a TV network. He also works nights delivering pizza for Dominos pizza. Finally, he works once a week at the CBS Bar and Grill as a bartender.
J. Cleaver works 100 hours a week taking care of Wally and the Beav. She receives $50/week in pay.
Given the above information, calculate:
The number of unemployed people is
The number of employed people is
The labor force =
The unemployment rate is %.
and are frictionally unemployed
is cyclically unemployed.
is structurally unemployed.
The government of a small country conducts a phone survey of randomly selected households and obtains the following information from citizens:
S. Potter is a career soldier in the US Army.
B. Ash lives in Arizona where there are no jobs for deep-sea divers. He does not have a job but looks for one every day. He is trained as a deep-sea diver.
S. Beech says “I don’t have a job, but I looked for one last week.” She is lying, she’s never really looked for a job, but the government doesn’t know this.
C. Chestnut voluntarily quit her job as a waitress last week, and is actively looking for a better job as a nuclear physicist, a job she has been trained for. (looked for a job yesterday).
D. Fir lost his job as a tree surgeon two weeks ago when a recession caused the company where he worked to close. He is actively looking for work. (looked for a job last week).
E. Ebony is 50 years old, has never had a job and has never looked for one.
Mr. Loon is crazy. He is institutionalized at a state mental hospital where he has a job teaching bird calls to other inmates.
Dr. Doolittle, a medical doctor, is working as a manager at Taco Bell 1 hour a week.
M. Rooney is 5 years old. He works as an actor and makes $1 million a year.
J. Seward lives in Alaska. He has not looked for a job for the past 6 months.
B. Gates voluntarily quit his job as CEO last week in order to look for a new job that would better use his skills as a talk-show host. He doesn’t have a job, but is actively looking for one.
M. Wallace is 93 years old. He works as an anchor-man for a TV network. He also works nights delivering pizza for Dominos pizza. Finally, he works once a week at the CBS Bar and Grill as a bartender.
J. Cleaver works 100 hours a week taking care of Wally and the Beav. She receives $50/week in pay.
Given the above information, calculate:
The number of unemployed people is
The number of employed people is
The labor force =
The unemployment rate is %.
and are frictionally unemployed
is cyclically unemployed.
is structurally unemployed.
Solution
Solution: Total no. of people = 13 namely:
S. Potter, B. Ash, S. Beech, C. Chestnut, D. Fir, E. Ebony, Mr. Loon, Dr. Doolittle, M. Rooney, J. Seward, B. Gates, M. Wallace, J. Cleaver.
Among these who all are employed (those working): S. Potter, Dr. Doolittle, M. Wallace, J. Cleaver. Thus, number of employed people = 4 (M. Wallace has crossed the retirement age but hasn\'t stopped working, so won\'t be considered as a retiree, and thus is included in employed people)
Unemployed people (not working, but looking for the job actively): B. Ash, C.Chestnut, D. Fir, B. Gates. Thus, number of unemployed people = 4
Reasons for those who haven\'t been considered as employed/unemployed:
a) Those not looking/never looked for the job actively: S. Beech, E. Ebony, J. Seward
b) Not able: Mr. Loon is crazy, his work isn\'t part of employment
c) Too young (below 15 or 16 years of age (may vary as per different nations)) : M. Rooney
Labour Force = No. of employed people + No. of unemployed people
= 4 + 4 = 8
Unemployment rate = (no. of unemployed/Labour Force)*100
= (4/8)*100 = 50%
Frictionally unemployed (People changing jobs, or being laid off due to variety of reasons): C. Chestnut, B. Gates = 2 people
Cyclically unemployed (unemployment due to economic downturns such as recession): D. Fir
Structurally unemployed (unemployment caused due to jobs availability not matching prson\'s skills): B. Ash
