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After reading Chapter 6, you should be able to:
- Identify who is part of the labor force and who is no while paying
particular attention to what it takes to be counted as employed,
unemployed, or not in the labor force. (Section 6.1)
- Explain how the unemployment rate is calculated. (Section 6.1)
- Calculate the labor force participation rate and determine
from the same statistics how many people are employed, unemployed, and
not in the labor force. (Section 6.1)
- Define what is meant by the terms underemployed, discouraged worker,
and underground economy, and explain how these affect the unemployment rate.
(Section 6.1)
- Discuss labor statistics as they relate to the following topics:
economic history, international comparisons, duration of
unemployment, and the differences in them between females/males,
blacks/whites, female/male head of households, and young/middle
aged/old. (Section 6.1)
- Explain the following classifications of the unemployed: seasonal,
frictional, structural, and cyclical. (Section 6.2)
- (Same as #6 above) (Section 6.2)
- Describe the natural rate of unemployment and its converse, full
employment. (Section 6.3)
- Identify programs that make up the "social safety net" in
the US, and explain the impact they have on the natural rate of
unemployment. (Section 6.3)
- Discuss how well intentioned governmental regulations can have
adverse effects not only on employer costs but also on the quality of employment
and hiring decisions. (Section 6.4)
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