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EconActive Solutions (CNN News Questions)
Chapter 26: Unemployment: UN1m02v1
- Name some problems with using the unemployment rate to determine the economy's overall health.
- Calculate the unemployment rate if there were 4 million unemployed but looking for a job; 6 million unemployed but no longer looking; 100 million in the labor force; 2 million who want to work but can't find child-care; 8 million who are working part-time but want to work full-time.
- How does the number above compare with the jobless rate?
Answers:
- It ignores those people who are no longer seeking employment. These may be those who cannot find suitable child-care or those who no longer have the skills that are in demand. Also, those who want, but can not find, full-time work are not counted.
- 4 million / 100 million = 4%
- The jobless rate is much higher because it includes all those without a job. So the 6 million discouraged workers and the 2 million without child-care would be counted.
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