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 employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

Numerous students graduate from college and immediately begin new jobs.

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 employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

Advances in healthcare prolong the life of many retirees.

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

A stock market boom induces newly enriched 60-year-old workers to take early retirement.

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

Numerous students graduate from college and immediately begin new jobs.

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

Advances in healthcare prolong the life of many retirees.

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs.

The menu at a local restaurant offers the following items. Appetizers: Shrimp, Veggies, Avocado Dip, Soup, Stuffed Mushrooms Salads: Garden, Caesar, Pasta, House Entrées: Steak, Pizza, Ravioli, Meatloaf, Chicken, Flounder, Spaghetti, Pork, Ham, Shrimp Desserts: Ice Cream, Cookles, Fruit, Chocolate Cake, Ple, Cheese Cake, Sorbet

What is the probability that a patron selects chicken?

The menu at a local restaurant offers the following items.

What is the probability that a patron selects soup, chicken, any salad, and any dessert?

Find the solution if possible. If there is not enough information to solve the problem or if it has no solution, say so. If extra information is given, identify it. A school cafeteria sells milk at 25 cents per carton and salads at 45 cents each. One week the total sales for these items were $132.50. How many salads were sold that week?

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

After an unsuccessful search, some of the laid-off workers quit looking for new jobs.

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 employment–population ratio (calculated as the percentage of the adult population that is employed). Explain what happens to each of these 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.

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 statistic in the following scenario. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing?

Numerous students graduate from college but cannot find work.

Between January $2012$ and January $2019$, U.S. employment increased by $17.3$ million workers, but the number of unemployed workers declined by only $6.3$ million. How are these numbers consistent with each other? Why might one expect a reduction in the number of people counted as unemployed to be smaller than the increase in the number of people employed?

Why do economists describe the US economy as a mixed-market economy?