Use the table data below about this economy to answer the questions that follow regarding employment/unemployment. Show all calculations. Group Number in Millions Relevant population ?? Not in labor force 85 Labor force 245 Employed ?? Unemployed 25 What is the relevant population in this economy? How many people are employed in this economy? Calculate the unemployment rate. Calculate the labor force participation rate. Given the unemployment rate you calculated in c) suppose the structural unemployment is 2%, the frictional unemployment is 3.5%, and the seasonal unemployment is 1%. What percent of the labor force is cyclically unemployed?
Use the table data below about this economy to answer the questions that follow regarding employment/unemployment. Show all calculations. Group Number in Millions Relevant population ?? Not in labor force 85 Labor force 245 Employed ?? Unemployed 25 What is the relevant population in this economy? How many people are employed in this economy? Calculate the unemployment rate. Calculate the labor force participation rate. Given the unemployment rate you calculated in c) suppose the structural unemployment is 2%, the frictional unemployment is 3.5%, and the seasonal unemployment is 1%. What percent of the labor force is cyclically unemployed?
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
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Use the table data below about this economy to answer the questions that follow regarding employment/
|
Group |
Number in Millions |
|
Relevant population |
?? |
|
Not in labor force |
85 |
|
Labor force |
245 |
|
Employed |
?? |
|
Unemployed |
25 |
- What is the relevant population in this economy?
- How many people are employed in this economy?
- Calculate the unemployment rate.
- Calculate the labor force participation rate.
- Given the unemployment rate you calculated in c) suppose the structural unemployment is 2%, the frictional unemployment is 3.5%, and the seasonal unemployment is 1%. What percent of the labor force is cyclically unemployed?
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