population is 6 million, the number of employed is 3.8 million, and the labor force participation rate is 70%. What is the unemployment rate? b. Explain why unemployment rate can never be zero. c. Explain the differences between frictional unemployment and structural unemployment.

population is 6 million, the number of employed is 3.8 million, and the labor force participation rate is 70%. What is the unemployment rate? b. Explain why unemployment rate can never be zero. c. Explain the differences between frictional unemployment and structural unemployment.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

a. Suppose that in a small nation the adult
population is 6 million, the number of employed is
3.8 million, and the labor force participation rate is
70%. What is the unemployment rate?
b. Explain why unemployment rate can never be
zero.
C. Explain the differences between frictional
unemployment and structural unemployment.

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