11 :)22) There are 10 million people in the country of Natural.500,000 are retired♦1,000,000 are children under the age of 18500,000 are full-time students.500,000 thousand are taking care of children full time.1,000,000 have given up looking for work.0400,000 of these people lost their jobs because lots of people have stoppedspending money.L600,000 of these people have lost their jobs because technology is changingand the economy doesn't need their skills anymore.200,000 would be willing to work unskilled jobs while they get newskills6,000,000 are working.500,000 are officially looking for work.o 300,000 of these people lost their jobs because lots of people have stoppedspending money.o 200,000 of these people have lost their jobs because technology is changingand the economy doesn't need their skills anymore.100,000 would be willing to work unskilled jobsa) What is the labor force in this economy?What would the labor force be if the economy was at potential output?c) What is the natural rate of unemployment in this economy?loofee

Unemployment refers to the situation when a person is not engaged in any economic activity. If the…

22) There are 10 million people in the country of Natural 500,000 are retired . 1,000,000 are children under the age of 18 500,000 are full-time students 500.000 thousand are taking care of children full time. 1,000,000 have given up looking for work. . . . 400,000 of these people lost their jobs because lots of people have stopped spending money. 600,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. 200,000 would be willing to work unskilled jobs while they get new • 6,000,000 are working. • 500,000 are officially looking for work. o 300,000 of these people lost their jobs because lots of people have stopped spending money. o 200,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. • 100,000 would be willing to work unskilled jobs a) What is the labor force in this economy? What would the labor force be if the economy was at potential output? What is the natural rate of unemployment in this economy?

22) There are 10 million people in the country of Natural 500,000 are retired . 1,000,000 are children under the age of 18 500,000 are full-time students 500.000 thousand are taking care of children full time. 1,000,000 have given up looking for work. . . . 400,000 of these people lost their jobs because lots of people have stopped spending money. 600,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. 200,000 would be willing to work unskilled jobs while they get new • 6,000,000 are working. • 500,000 are officially looking for work. o 300,000 of these people lost their jobs because lots of people have stopped spending money. o 200,000 of these people have lost their jobs because technology is changing and the economy doesn't need their skills anymore. • 100,000 would be willing to work unskilled jobs a) What is the labor force in this economy? What would the labor force be if the economy was at potential output? What is the natural rate of unemployment in this economy?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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