There are two parts to this written
assignment. Consider each scenario and the questions that follow to complete
each part.
Part I – Unemployment
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
QUESTION 1) Describe each person in
the above scenario in terms of the type of unemployment they fall
under.(frictional, seasonal, structural, cyclical and full
QUESTION 2) In the scenario above,
what is the unemployment rate and how is it calculated?
Using an Internet resource, such as
the CIA World Fact Book or Trading Economics search for the current unemployment and inflation
rates for the U.S., China, Canada and the United Kingdom.
there are two types of inflation (demand pull
and cost push). Which countries are experiencing a demand pull inflation?
Which countries are experiencing a cost push inflation?
What correlation, if any, exists between the
unemployment and inflation rates of the above countries?
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