Основы экономики. Земскова Л.П. - 22 стр.

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22
unemployment rates in a number of other countries have risen relative to
those in the United States and Canada.
KEY TERMS
Unemployment rate
Layoffs
Quits
Natural rate of unemployment
Minimum wage labor force
Recalls
Discouraged workers
Okun’s law
Duration of unemployment
Unemployment benefits
PROBLEMS
1. Suppose the unemployment rate is 8 percent. How fast would the economy
have to grow to get the unemployment rate down to 6 percent (a) in 1 year
and (b) in 2 years?
2. Which of the following people is unemployed? (a) A student who would like
to work but hasn’t yet gotten around to looking for a job. (b) A student who
has arranged for a job to start in 6 weeks and therefore has stopped looking
for a job. (c) A retired person who looks at the newspaper help-wanted
advertisements every week in case some suitable job becomes available.(d) A
person who searched for a job for 6 months and then gave up, deciding to
wait until the economy improves. (e) A person laid off by his or her last
employer, waiting to go back to the same job and not looking for another
one. (f) A person who lost his or her job 3 months ago and has kept looking
for another one ever since.
3. From the viewpoint of the society’s welfare, how serious do you think
unemployment or being out of the labor force is in each of the cases in
Problem 2?
4. Shouldn’t unemployment benefits be equal on average to a person’s previous
wage, so that people don’t suffer from being unemployed?
LECTURE 11. THE INFLATION PROBLEM
1. Economies have not always experienced inflation. For long periods in the
19
th
century prices were falling rather than rising. Germany of the 1920s
witnessed a period of astronomical rates of inflation. The inflation of the
post-World War II period is the most serious peace-time inflation in U.S.

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