Homework Answers
Answer
(a)economy's unemployment rate is calculated as below:
Number of unemployed persons = 12 Million + 7 Million = 19 Million
Labor force = 85 Million + 20 Million + 12 Million + 7 Million = 124 Million
Accordingly, unemployment rate = 19 Million / 124 Million
= 0.15 i.e., 15 % (approx).
Notes :-
(b) criticisms of shortcomings of estimated unemployment statistics:
1). "Unemployed workers who are discouraged from job search" are neither considered as unemployed nor the part of labor force.
2). Retirees, stay-home parents and full time students are not treated as part of labor force in an economy.
3). Employed workers in underground economy are treated / considered as unemployed in an economy and also the part of labor force in an economy.
Conclusion :- Unemployment rate in economy = 15 % (approx).
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