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Microsoft Office H X #1 Nominal GDP vs. F X | Mail - Noor Alzebo X Log In X Bb Online Materials al X MindTap - Cengag X * Excel X * In class work week X + C A ng.cengage.com/staticb/ui/evo/index.html?deploymentld=5960931573839814093185003&elSBN=9780170402569&id=867852211&snapshotld=1871708& G CENGAGE | MINDTAP Q Search this course ? Noor Assessed 5 - Inflation and unemployment X Attempts: Score: / 4 Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. 12. Why is there unemployment? Aa Aa 8 A-Z The three people described in the following table are categorised as unemployed by the Australian Bureau of Statistics (ABS). Identify each of them as structurally, frictionally, or cyclically unemployed. Structural Frictional Cyclical Caroline is a real estate agent. House sales in her area have declined because the region has been going through a recession. She has no clients and is currently looking for a full-time job. Eleanor just finished university and is looking for a full-time position with an O O investment banking firm. Jeff has worked as a telemarketer for many years. His job has just been O O transferred to a firm in India, and he has no other prospects in the local economy. He's considering moving to another region in search of a job. Imagine the following table shows data on frictional, cyclical, structural, and total unemployment for an economy. At Unemployment Type Percent Frictional unemployment 0.9% Cyclical unemployment 0.0% Structural unemployment 3.7% Total unemployment 4.6% True or False: This economy is currently at its natural rate of unemployment. False O TrueMicrosoft Office H X #1 Nominal GDP vs. F X | Mail - Noor Alzebo X Log In X Bb Online Materials al X MindTap - Cengag X * Excel X * In class work week X + C a ng.cengage.com/staticb/ui/evo/index.html? deploymentld=5960931573839814093185003&eISBN=9780170402569&id=867852211&snapshotld=1871708& G CENGAGE | MINDTAP Q Search this course ? Noor Assessed 5 - Inflation and unemployment X Consider a small economy composed of six people: Felix, Deborah, Nick, Ginny, Sam, and Rosa. Each person's employment status is described in the following table. Based on the criteria used by the Australian Bureau of Statistics (ABS), classify each person as employed, unemployed, not in the labour force but still part of the adult population, or not in the adult population. A-Z Person Status Ginny is a 13-year-old student at East Valley High School. She babysits her younger Not in adult population brother and does other chores, for which her parents give her an allowance of $30 per week. Rosa is an 18 year-old who just finished high school. She is taking it easy this Not in labour force summer, relaxing by the pool with her friends and family, and volunteering part-time at the local nursing home. Sam is a 30 year-old who lost his job as a copy editor for a local newspaper. He has Unemployed spent the past few weeks out of work and interviewing for other editing jobs. He is thinking about going to university for postgraduate research if his job search doesn't succeed after a few more weeks. Nick is a 42-year-old accountant who has been out of work for almost a year. He Not in labour force became so discouraged that, a couple of months ago, he gave up on his job search. Felix is a 51-year-old miner who was laid off from his job six months ago. He is Employed At frustrated with his inability to find a full-time position. Last week, he took a part-time job but could work only three hours. Deborah is a 28-year-old professional basketball player. She finished her last season Unemployed as a player three weeks ago and is currently interviewing for a coaching position. The labour force participation rate reported by the ABS is given by the following formula: Labour Force Participation Rate = Number in Labour Force Adult Population Using this definition, what is the labour force participation rate of this economy of six people? 60%Microsoft Office H X #1 Nominal GDP vs. F X | Mail - Noor Alzebo X Log In X Bb Online Materials al X MindTap - Cengag X * Excel X * In class work week X + C a ng.cengage.com/staticb/ui/evo/index.html? deploymentld=5960931573839814093185003&elSBN=9780170402569&id=867852211&snapshotld=1871708& G CENGAGE | MINDTAP Q Search this course ? Noor Assessed 5 - Inflation and unemployment X Labour Force Participation Rate Number in Labour Force Adult Population A-Z Using this definition, what is the labour force participation rate of this economy of six people? 60% 50% 33% 80% O 67% The unemployment rate reported by the ABS is given by the following formula: Unemployment Rate = Number of Unemployed Workers Number in Labour Force According to this formula, what is the unemployment rate of this economy of six people? 67% At 50% 60% O 33% O QNA 3.16 @ 2004-2016 Aplia. All rights reserved. 2013 Cengage Learning except as noted. All rights reserved. Graded Save & Continue Continue without saving