Unemployment- Macro Topic 2.3

[@JacobAClifford]

The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. C 2. C 3. B 4. B Need more practice?, Get the Ultimate Review Packet. It is FREE to start. Step 1: Go to:​ www.ultimatereviewpacket.com Step 2: Create a free account Step 3: Enroll in the free version of the MACROeconomics packet

[@_Rohan007_]

Can you please explain the answer to question 2 sir Thank you 🙏

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Compared to this guy our lectures are 0

[@solarflare2331]

I got 3 of them right except the first one

[@alexqiu1546]

How about the third one, that's a little confusing. Can anybody explain that to me? Thanks a lot

[@omara.796]

@@_Rohan007_ For total work force, you have too include everyone who is employed (doesn't matter if it is part time or full-time), and the number of people officially unemployed. (total is 800). Then just divide the unemployed (40) by the total workforce (800), multiply by 100, and you'll get you answer of 5%.

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I dont think there is even a billion Youtubians...

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[@oopproductions2445]

1. C, (A): period of unemployment is to long, (B): Full time students aren't employed, (C) Frictianl Unemployment, (D): retired so they aren't counted towards labor force, (E) is employed 2. C, (A,D,E) not enough info to back up claims, 40/800 =0.05 *100 = 5% unemployment, (B) 800(Labor force)/820( able body workers ) =0.97*100= 97% not 76% 3. B, Everything is accounted for besides those who are discoruaged workers as they aren't counted toward unemployment. 4. B, Natural rate of unemployment is when there is not reccestion a.k.a. cyclical unemploymet Might be wrong so type in corrections :)

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I got the same thing.

[@Ryaninvest2]

Graduated in April and still watch because it’s entertaining and I’m learning lol

[@oneheadofcabbage]

@@mahamm559 Dude. Just study and pay attention to your work. Asking random people over the internet to help you with your tests is a sure-fire way to get expelled or fail.

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[@JacobAClifford]

You are welcome!

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[@Hamza_Khan_Journey]

@@georgemwanza6339 check the links in the description

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@@georgiehughes3075 Yes, I think so. I think that there are some inconsistencies within the packet but they're not terrible and the practice is for sure going to get you a 4-5 on the exams.

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learned more from this 6-7 mins of video than an hour of lecture that I pay for!!!!

[@paintballthieupwns]

Forgive me if I'm wrong but I think one big overview point is that when the labour rate hits that frictional zone and stays there that another thing that keeps it from going to zero is new people reentering the labour force due to increased wages from a shortage of labour which ties into supply/demand

[@JacobAClifford]

That's a good point. I didn't add that since I can only cover so much, but you are absolutely right.

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Not studying economics right now, but I love to watch these videos.

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Yes you did teach me a lot But already liked and subscribe So lets settle for comment 😁

[@JacobAClifford]

Deal :)

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Thank you so much I’m now 3 hours away from my Macros ECON final exam

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[@gamarkhamis7918]

Thank you very much mr Jacob You help me understand in a simple and easy way

[@Skorvatron]

Structural Unemployment: Changes in the structure of the labor force make some skills obsolete, workers do not have transferable skills and these jobs will never come back Frictional Unemployment: Workers are temporarily unemployed or between jobs, individuals are qualified workers with transferable skills but are not working Natural rate of Unemployment: The amount of unemployment that exists when the economy is health, when there is only frictional and structural unemployment Cyclical Unemployment: The result of an economic downturn or recession, as demand for goods and services falls, the demand for labor falls and workers are laid off

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You're right. The dumpster should have had dynamite and another tsar bomb. THEN it would be 2020

[@Kyle-qr5pu]

Mr. Clifford, then are frictional and structural unempolyment are regarded as 'voluntary unemployed'? Whereas cyclical unemployment is not voluntary?

[@nandanramesh9490]

Frictional Unemployment may not be voluntary as well. If someone is fired from their job and is on the lookout for a new job, he is frictionally unemployed, and it was not voluntary.

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idk what id do without you

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Salute you from India

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I have subscribed to your channel and purchased both your macro and micro ultimate review packets, THEY ARE SOOOOO HELPFUL, honestly I wish you were my professor. I was wondering, do you have any videos on the Investment-Savings curve??

[@manishanepali8433]

Mr. Cliford, In question 1 "how come Pat who recently left a job to look for a different job in another town is considered officially employed? Shouldn't it be " Lee who is working for 20 hrs per week and is seeking full-time employment?

[@25zeynepsaglam-ol1ov]

No, since part time employed people are also counted in the employed column. To be counted as unemployed, you have to be not working but actively looking for work.

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I never went to college and I’ve been watching his videos for about a month now

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school or not doesn't limit a learner!

[@ivds7226]

Thank you for this video ,it helped A LOT !!

[@ButteredFlied]

What are the answers to the 4 practice questions at the end? Is it CBBB?

[@etbedtalksAOH]

The informal sector employment also could make the numbers look bright when its actually not. And in some cases people have migrated back to villages leaving their previous jobs due to lockdown and they desperately seek for some alternate employment or self employment.

[@tyler1673]

The way unemployment is measured has changed since the 1930s so how much does that influence the numbers?

[@anuragpandey8996]

how is 2c?

[@ColeGarnett]

exactly. if the rate was 5% it would have to be 38 poeple unemployed

[@marcoavalos83]

Hey, professor Jacob Clifford, I've learned a great deal from your videos, I'm an Econ major but I'm considering changing to a Business in economics any insights on that? I'd appreciated it.

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B, thanks I'm 11 trying to learn economics and it's hard (answer to the pop quiz) ❤

[@justry_right9766]

Hello. Can i ask? What kind of condition would the unemployment rate be overestimated?

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You are a life saver

[@mssaltygiggles]

We did a PPC graph in Macroeconomics today regarding unemployment. I was wondering where you would put the point on the chart if unemployment was high but jobs weren’t available. You pretty much answered that with structural unemployment being configured in the natural rate of unemployment. With that being said, I’m guessing you can only put unemployment on a PPC graph as Labor Force only. I was asking my teacher where we would put natural unemployment rate at on the PPC in regards to automation/no jobs available due to advances in technology- requiring fewer workers/not the right skillset, and she didn’t really give an answer. I was confused, she just said that was a microeconomics topic. I guess if it was on the PPC it would be on the outside of the PPC, right?

[@livepathsearching5140]

Question #2 how do you get 40 unemployed people out of 1000 to = 5%? Am I missing some @jacob Clifford?

[@laurenshew9605]

The unemployment rate is #/labor force #. 40/600+160 (100) = 5%

[@jensperie192]

@@laurenshew9605 Thank you!

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[@saniahashmi8840]

Just for a review can anyone tell if in the Q2 labor force participation rate is counted like this? 160+600/1000-20 (100)

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Thank you ❤

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Srilanka

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[@taiyeef]

Are structurally unemployed discouraged workers?

[@elizabethmills1286]

Wait, what about when the resturant owners brought their servers back to work because people started eating at resturants again outdoors?

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[@richamitra2246]

Answer of 1st question is C

[@morningawesome]

labour force -- ppl that are actively seeking for a job/have one. frictional un--> temporary unemployment when ppl switch jobs or enter the labour force. this type always exists as ppl always switch jobs and new always enter. structural un --> long-term un, as workers dont have right skills. tech improvement makes some jobs obsolete. this also always exists. these 2 make up the NRU (national rate of unemployment). --> the amt of unm existing even with economy doing great. cyclical un --> result of a downturn in economy. workers losing jobs due to recession. e.g. pandemic. ppl not going out to eat. owners lay off their cooks and servers, spike in umn.

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200th, also, I watched this entire video.

[@ryanfrizzell736]

“Unemployment is of vital importance, particularly to the unemployed.” - Edward Heath, former PM of UK

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Man, i love you

[@vincentlee1539]

Why is the natural unemployment rate and full employment basically the SAME thing?

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it's easy to give advice on starting a business..but everyone would agree with me that the only problem is how do i raise the money to start this business? i have zero savings

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@@robinsonbaker1963 i understand that but if you're really passionate about this you'd find a way, or you can do what i did and get funding from a Covid NGO and start your own business, they took a look at my work history and i don't know how but their pro Bono lawyers got me $35,000 as compensation for getting laid off from my last job due to covid

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@@taylorgreen5908 i can't leave their lawyer's details here but sure you can reach them through their mail

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covidunemploymentprobono @ gmail . com

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[@JacobAClifford]

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my head exploded before he talked... I don't think I have ever seen the thing in his show

[@cyrussuleman1982]

6:07

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So we're using Tommy boy and Fortnite to try to relate to the same generation? To help express information in a way that is more fun which could all be expressed in like half the time.... What is that called again? Negative externality cost?

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how long has that milk been there? it is in all the videos that have a brick wall behind him! is it a green screen behind him or is it real?

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Got B,C,B, and B

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C = Leslie. Who retired after turning 65 only five month ago

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At what age did people learn this?

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Thanks mate :)

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Sir if you cover UPSC Syllabus on INDIAN ECONOMY, you will get lots of likes and views

[@mdearing24]

@4:40, "During the pandemic, people couldn't go out to eat" is very different than saying, "during the pandemic, Daddy Government wouldn't let you go out to eat"

[@HollywoodHomieGaming]

2 thumbs up for the Tommy boy reference.

[@JacobAClifford]

Thank you. I was hoping that someone else loves that movie too

[@viratg55]

1 C 2 C 3 B 4 B

[@maxchan9116]

C is correct

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Tommy Boy Need to watch that movie

[@Jason-o5s]

Cheer~~~the state of being unemployed.😅

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your videos are super helpful! (lets not use the stay-at-home mom's as an example when talking about what doesn't count as the working population, it seemed like you were invalidating SAHMs)

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I don't know who you are but I'll find you and thank you

[@sarweshraj5470]

With movement of population from unemployed to out of labour force will not increase the % or no. of Noninstitutional civilian population.... Please make it correct! @jacob Clifford

[@JacobAClifford]

Can you please ask your question again? I'm not sure what you mean

[@sarweshraj5470]

@@JacobAClifford at 2:57 in bar graph ,the labours being out of labour force is increasing the Noninstitutional population ( whereas Noninstitutional population will remain constant even if the workers are loosing hope of being employed, i.e out of labour force)

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Please fix, theres no sound!😭😭

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am i the only staring at the half gallon of milk just sitting on the back shelf? . . . . . .

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Kris Underpass

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I used to watch "Tommy Boy" bi-monthly.

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fire

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