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?
- 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?