Inflation and Unemployment

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Consider this scenario: Wanda works part time one hour a week baking cookies at Cookies R Us but is desperately seeking full-time work to support her 9 year old daughter Nina, who is in the 5th grade. Bobby was let go at his job as a bubble gum inspector for placing his gum under the table top at work; now he spends all his time watching game shows on TV. Jose used to be a type writer repair person for ACME Type Writer Repairs but has been out of work and unable to find work ever since ACME type writer repairs closed due to no one using typewriters. Nancy works forty hours a week feeding monkeys at the local zoo, Veronica quit her job as a drinking fountain attendant when she got her degree from clown school and has been looking for a job as a clown. Becky and Denny are whale tamers but are currently laid off and have been unable to find work because it is sunning season for whales and whales cannot be tamed each year during sunning season. 1.1 What is the unemployment rate? Based on the above scenario the unemployment rate would be 57.14%. 1.2 Who is unemployed? Jose, Veronica, Becky and Denny are all unemployed. 1.3 What type of unemployment do they fall under? Bobby is considered to Discouraged Worker and not in the labor force. Becky and Denny are Seasonal Unemployed. Veronica is Frictionally Unemployed, and Jose is Structurally Unemployed. 1.4 Who is in the labor force and who is not in the labor force? Wanda, Jose, Nancy, Veronica, Becky and Denny are all in the labor force. Bobby and Nina would not be in the labor force. 2.1 What is the unemployment rate for the U.S.? As of May 2012 the U.S. Unemployment rate was reported to be 8.2%. 2.2 What is the unemployment rate for the China? AS of the end of the first quarter 2012 China’s unemployment rate was 4.1%. 2.3 What is the unemployment rate for the Canada? As of June of 2012 the Canadian

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