83 86 shifting reference value state whether the following...

83-86: SHIFTING REFERENCE VALUE. State whether the following statements are true or false, and explain why. If a statement is false, state the true change. 83. If the national unemployment rate decreased at an annual rate of 2% per year for three consecutive years, then the rate decreased by 6% over the three-year period.

Economists use labor-market data to evaluate how well an economy is using its most valuable resource-its people. Two closely watched statistics are the unemployment rate and the employmentpopulation ratio (calculated as the percentage of the adult population that is employed). Explain what happens to each of these statistics in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60 -year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retirees.

Jonathan T.

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