Question 3 Refer to the information provided in Table 22.1 below to answer the question(s) that follow. Table 22.1 Employed Unemployed Not in the Labor Force 14,000 people 3,000 people 4,000 people a) How many people are in the labor force? Be specific and show your work. b) What criteria does the Bureau of Labor Statistics use to determine if someone should be counted in the labor force? Why do you think this definition is helpful? What are some drawbacks to this definition? c) What is the unemployment rate for the economy described in Table 22.1? Show your calculation. d) What is the labor-force participation rate for the economy describe in Table 22.1? Show your calculation. e) There are three categories of unemployment that help us to better understand the unemployment rate you calculated in c. What are the three categories? Of these categories which ones determine the natural rate of unemployment? How does knowing the natural rate of unemployment help you to interpret c). f) If the labor market becomes more efficient so that the unemployed are more quickly matched with jobs, what happens to the natural rate of unemployment? If the unemployment rate in c) still held after this change, how would this change your interpretation of it?

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