3. Understanding labor force terminology When talking about unemployment, it is

Question

3. Understanding labor force terminology When talking about unemployment, it is important to define both the unemployment rate and what it means to be unemployed. In the United States, we use the following definitions from the Bureau of Labor Statistics (BLS): An employed person is someone who worked for pay, worked for their own business, or was on temporary leave from a paid position during the week of the survey An unemployed person is someone who did not work during the survey week, but was available to work and had searched for employment at some point during the previous four weeks. A person who does not fit the criteria of employed or unemployed is not in the labor force. The labor force is, therefore, equal to the sum of employed and unemployed people, and the unemployment rate is equal to the number of unemployed divided by the total number of people in the labor force. That is, in a city with 200 people, if 150 are employed, 20 unemployed, and 30 are not in the labor force, the unemployment rate would be roughly 8890 12% -.10% In order -no nemployment benefits, one must be classified as unemployed. Based on the example in the previous problem, a decrease in benefits makes an unemployed person decrease in benefits had a similar effect on other unemployed workers, you would expect the overall unemployment rate to likely to accept a job. If a

Explanation / Answer

Answer to blank 1: 12%

Explanation:

Unemployment rate = [20 / (150 + 20)] = 12%

Answer to blank 2: most

Answer to blank 3: fall

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