14. What are the three categories into which Statistics Canada divides everyone?
ID: 1118025 • Letter: 1
Question
14. What are the three categories into which Statistics Canada divides everyone? How does Statistics Canada compute the labour force, the unemployment rate, and the labour-force participation rate? 15. Employment Insurance provides an economic incentive that encourages people to enter the labour force. Explain. 16. Why is frictional unemployment inevitable? How might the government reduce the amount of frictional unemployment? 17. Are minimum-wage laws a better explanation for structural unemployment among teenagers or among postsecondary graduates? Why? How do unions affect the natural rate of unemployment? What claims do advocates of unions make to argue that unions are good for the economy? 18. 19.Explanation / Answer
Answer:- There are mainly three categories in which everyone is divided and these are employed, unemployed, or not in the labor force. The total of employed and unemployed formulates the labor force, The unemployment rate can be seen as the percentage of the labor force which is unemployed.
The percentage of the total adult population which is present in the labor force is termed as labor-force participation rate.
Answer 16:- Frictional unemployment cannot be avoided as the nature of the economy is dynamic. Some organizations might be expanding while some may be retrenching. There might be greater economic growth in some areas while some may lack it. Both the temporary unemployment and movement of labors from one firm to other firms and between different regions are accompanied.
With the help of effective public policies, the frictional unemployment can be controlled by the government by facilitating the information related to the job openings so that the equilibrium between the demand and supply of manpower can be obtained effectively and quickly. Public training programs can also be used to control the transition of manpower from declining to expanding industries and to tackle the issue of poverty in disadvantageous section.
Answer 17:- The unemployment among the teenagers can be understood effectively by the concept of minimum wages than among college graduates. When it comes to skills, the fewer job opportunities are provided to the teenagers than the college graduates and thus they have lower wages which can be affected by the minimum wage. The wage of college graduates is quite often more than the minimum wage
Answer 18:- The natural rate of unemployment can be affected by the unions due to the effect of insiders and outsiders. As the wage is raised more than the equilibrium level due to unions, thus there will be a decline in the quantity demanded of labor and there will be an increase in the labor supply. Thus the persons who are able to retain their jobs are termed as insiders and the ones who lose their jobs are termed as outsiders. Outsiders have two alternatives, working in a firm which does not have any union or remain unemployed and wait for the time when the economy boosts and greater job opportunities are presented. Thus the natural rate of unemployment is more than it would be in the absence of unions.
Answer 19:- As per the advocates of unions, unions are good for the economy as they can neutralize the market power of the firms which hire manpower and they have a greater significance to the firms for responding to the concerns of the employees.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.