Consider the following table. Use the given information to answer questions 6 - 9. Group Work-eligible population Labor force Not in labor force but work eligible Employed Unemployed ??? 100 200 20 Calculate the unemployment rate. (Round your answer to the nearest first decimal place.) Answer: The unemployment rate = % Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.) Answer: The labor force participation rate = % If the natural rate of unemployment = 5%. Is the economy in recession or expansion? ( Select] If some people who were previously employed lost their jobs. They are now looking for jobs. Assume everything else is the same, what happens to the labor force participation rate? ( Select)
Consider the following table. Use the given information to answer questions 6 - 9. Group Work-eligible population Labor force Not in labor force but work eligible Employed Unemployed ??? 100 200 20 Calculate the unemployment rate. (Round your answer to the nearest first decimal place.) Answer: The unemployment rate = % Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.) Answer: The labor force participation rate = % If the natural rate of unemployment = 5%. Is the economy in recession or expansion? ( Select] If some people who were previously employed lost their jobs. They are now looking for jobs. Assume everything else is the same, what happens to the labor force participation rate? ( Select)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 11RQ: If you an? out of school but working part time, are you considered employed or unemployed in U.S....
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