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[answered] Labor Market 5 points Go to the US Bureau of Labor Statisti


Labor Market ??????? ??????????? ??????????? ??????????? ??????????? ??????????? ??????????? ??????????? 5 points

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Go to the US Bureau of Labor Statistics at (http://stats.bls.gov) or check other sources and get the following statistics for January 2007 and January 2013 (You will find it in a file called employment status of civilian populations; Look in the not seasonally adjusted columns):

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What is the size of the US civilian labor force? ii) ???????? What is the number of unemployed people??

What is the unemployment rate?

Compute the change in the number of unemployed people as well as change in the unemployment rate. In less than 5 sentences, what do you conclude from the difference?

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Suppose that the firms? markup over costs is 5% and the wage setting relation is W = P (1-u+z2); Where u is the unemployment rate; z is the reservation wage;?

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If u is 15%, what is the reservation wage as determined by the wagesetting equation?

What is the real wage?

Suppose the mark-up increases to 10%. What happens to the natural rate of unemployment for the same reservation wage??

Is the word? ?natural? in the natural rate of unemployment appropriate? Why or why not? Describe in less than 5 sentences.


Bureau of Labor Statistics Labor Force Statistics from the Current Population Survey

 

Original Data Value

 

Series Id:

 

Seasonally Adjusted

 

Series title:

 

Labor force status:

 

Type of data:

 

Age:

 

Years:...

 

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