Despite known problems in the method of calculating the unemployment rate, the approach is rarely changed in order to preserve data compatibility. O True O False
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- Despite known problems in the method of calculating the unemployment rate, the approach is rarely changed in order to preserve data compatibility. O True O FalseSimply counting the number of unemployed workers will not necessarily give the Bureau of Labor Statistics (BLS) the most accurate indication of the extent of underemployment in the economy. Some part-time workers will be counted as employed even if they'd like to work full-time. Furthermore, some jobless workers will not qualify as unemployed because they have given up on their job search, frustrated with their inability to find work. Fortunately, the BLS can use the information provided in the household survey to classify workers in ways that account for these types of underemployment. The BLS classifies those who work part-time because they cannot find full-time employment as involuntary part-time workers. The BLS classifies as discouraged workers those who want and are available for work but have not searched for employment during the previous four weeks because they believe their job search is currently futile. By keeping track of discouraged and involuntary part-time workers, the…Describe briefly the unemployment of small and mid-size business owners in the Philippines due to COVID-19 and discuss its conclusions.
- Definitions of major macroeconomic indicators ( No plagiarism plz)Statistics Denmark monitors the development of economic variables and measures e.g. productivity development.In general, it is one of the laws of economics that employee productivity determines the ability of employers to pay employees wages. The higher the productivity (per capita output), the higher the wages that can be paid. In a recession, such as Covid, companies are generally reducing their use of labor. The latest statistics show the following: In the third quarter of 2020, labor productivity growth in Denmark was 2%. This increase alone does not say much, but is considered to be able to reflect an increase in productivity following a contraction in labor input. a. Show the relationship between production and labor use in the short term and at the same time explain with a picture what can cause the growth of productivity. b. What is happening to marginal production at the same time? c. Show how wages develop if companies keep marginal costs fixed in the above circumstances…If one of the item in a simple aggregate price index is milk, the index will be unchanged if the price of milk is expressed in dollars per quart instead of dollars per gallon. In a Passche index, prices are weighted according to the quantities of the various items in the base period. The Consumer Price Index is a simple aggregate index.One application of the Consumer Price Index is to automatically increase wages or benefits through its inclusion in labor contracts. "Real income" refers to the amount money available after government taxes have been paid. The Producer Price Index measures changes in the physical volume or quantity of output of manufacturing, mining, and electric and gas utilities. TRUE OR FALSE
- Using the parameter values in Table 1, calculate the steady-state values of labor market tightness θ, unemployment rate u and vacancy rate v. Suppose the economy is initially in steady state (t = 0). At t = 1, a recession causes the value of filled jobs J to decrease to J = 2 for 15 months. Starting from the steady state, use the other parameter values in Table 1 and a spreadsheet/script to calculate and plot the time paths of market tightness, unemployment rate and vacancy rate for 15 months (t = 0,1,...,15) after the economy was hit by the recession. Describe how market tightness, unemployment rate and vacancy rate respond to the decrease in J. Has the economy settled to a new equilibrium by the end of 15 months? Explain your findings. Now Some economists believe that the matching process becomes less efficient in recessions, as indicated by the shifting out of the Beveridge curve. Suppose the economy is initially in steady state. At t = 1, a recession causes the matching efficiency…Refer to the statement below and answer the following questions: Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said Malaysia is expected to continue recording a slower economic growth in 2Q 2020 due to the Covid-19 pandemic, based on the near-term economic direction portrayed by the Leading Index (LI) for the reference month of February 2020. Mohd Uzir said GDP growth for 1Q 2020, meanwhile, was dragged by negative growth across all sectors except for services and manufacturing which grew 3.1% and 1.5% respectively. "Private final consumption expenditure in this quarter was on essential products such as food and non-alcoholic beverage, communication and housing, water, electricity and other fuels," he said in a statement on Malaysia's economic performance in 1Q 2020, today. He added that the Movement Control Order (MCO), which began on March 18, has resulted in lower household expenditure, which in turn, directly affected the industries related to food and beverage,…A coincident indicator will change before a recession begins. True or False And why
- The real time population survey reports unemployment and labor force numbers while the BLS reports those numbers weekly, monthly daily, weekly monthly, quarterly weekly, quarterlyPlease calculate the unemployment rate given the following information: Please round to two decimal places in your answer. Do not include the % sign Total Population: 280,270,378 Homemakers: 18,874,567 Retired: 24,687,155 Labor Force: 225,314,672 Under the Age of 16: 30,799,600 Discouraged Workers: 9,678,228 Unemployed: 31,482,365 Underemployed: 5,977,312Retired people who are still capable of working are part of the adult population but not part of the labor force. True False ASUS