ECON102 Chapter Notes - Chapter 21: Labour Force Survey, Gdp Deflator, Real Wages

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Maryann Vaughan

Document Summary

The labour force survey deliberately excludes individuals in all of the following categories: persons younger than 15 years old, persons residing in the yukon, the nw territories, nunavut and aboriginal setlements, full-ime members of the armed forces. Criicisms of the unemployment igure: omits some segments of the populaion, does not take account of underemployed people. The age distribuion of the populaion a younger or older populaion will inluence the number of new job seekers and the amount of fricional unemployment. The scale of structural change if technological change is shit and foreign compeiion is ierce, structural unemployment will be high. The real wage rate the real wage rates that bring unemployment are: Minimum wage as mandated by the government (. 25) Eiciency wage as selected by the irm to atract a beter applicant pool, encourage hard work and discourage worker turnover. These wages will bring unemployment if they are set above the market equilibrium wage.