Some people argue that the official unemployment rate understates true unemployment, while others argue that it overstates true unemployment.

1. Explain each of these positions, giving some examples of what might cause the official rate to be either too high or too low.
2. Personally reflect on whether you think we should make any changes to how we calculate unemployment? If so, what would you propose? (Support your answers with academic journal articles.)
3. Scenario: What if academic inflation caused the creation of a law that required an Associate's degree to earn minimum wage. How would that affect the economy and you personally?