5. Problems and Applications Q5 Economists use labor-market data to evaluate how

Question

5. Problems and Applications Q5 Economists use labor-market data to evaluate how well an economy is using its most valuable resource-its people. Two closely watched statistics are the unemployment rate and the employment-population ratio (calculated as the percentage of the adult population that is employed) Effect On... Employment-Population Ratio Scenario A financial firm goes bankrupt and lays ofr its workers, who immediately start working in other financial firms After a long search, some laid-off workers find new jobs. Numerous students graduate from college but cannot find work Advances in health care prolong the lives of many retirees. Unemployment Rate Grade It Now Save & Continue Continue without saving

Explanation / Answer

ANSWER:

decrease as people are laid off

unemployment rate employment population ratio 1. increase as people are laid off

decrease as people are laid off

2. decrease as people get jobs increase as people get jobs 3. increases as no of unemployed force increases stay same as employment remains same 4. stay same as no of unemployed people don't increase decreases as no of employed decrease with retirement.

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