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ECON 203 Chapter Notes - Chapter 9-11: Fractional-Reserve Banking, Frictional Unemployment, Open Market Operation

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plumcicada184
13 Nov 2016
School
University of Calgary
Department
Economics
Course
ECON 203
Professor
Sandy Chang

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ECON 203 Full Course Notes
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Document Summary

Labor force is the total number of workers, including both the employed and the unemployed. Unemployment rate(aka u rate) is no. of unemployed/labor force *100. Population is sum of labor force + not in labor force. Discouraged searchers are individuals who would like to work but have given up looking for a. Labor force participation rate is the percentage of the adult population that is in the labor force. It is calculated as (labor force)/(adult population)*100 job. Involuntary part time workers work part time because they could not find full time work. Natural unemployment rate is the rate of unemployment to which the economy tends to return in the long run. In canada it is between 6 and 8 percent. Natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year to year fluctuations in unemployment around the natural rate (deviation of unemployment from its natural rate)

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Related Questions

1. Unemployment Rate = 10%

# Employed = 180 Million

# Working age population = 250 Million

-Calculate:

# Unemployed

# Labor Force

# Not in the Labor Force Labor Force Participation Rate

2. Assume current unemployment is 10%

A) Calculate cyclical unemployment.

B) Is it possible for cyclical unemployment to be negative? Explain

C) Explain what the natural unemployment rate is. Why is it 0%?

D) After a recession ends (expansion begins), would you expect unemployment to increase or decrease? What about natural unemployment?

E) Explain how it might be caused by discouraged workers if the actual unemployment went up after a recession? Refer to the unemployment calculation in your answer.

F) During our current recession, the government decided to increase the unemployment benefits that people received. How would you expect this to affect the unemployment rate? Which type of unemployment?

In calculating the unemployment rate, part-time workers over the age of 16 are counted as

A) employed.

B) unemployed.

C) not in the labor force.

D) employed if they are part-time workers for non-economic reasons and unemployed if they are involuntary part-time workers.

E) not in the working-age population.

In calculating the unemployment rate, part-time workers over the age of 16 are counted as

A) employed.

B) unemployed.

C) not in the labor force.

D) employed if they are part-time workers for non-economic reasons and unemployed if they are involuntary part-time workers.

E) not in the working-age population.