Review the chart below on the breakdown of the U.S. population and the labor force: Persons under 16 Persons in the armed forces Total Persons Institutionalized Population Not in Labor Force a) Fill in the missing portions in the chart. b) What are the 4 types of unemployment? c) Calculate the unemployment rate based on the following data: Civilian population = 200 million Number of employed persons = 113 million 5% Civilian labor force = 130 million Natural unemployment rate = d) What two conditions must hold to constitute someone as unemployed?
Review the chart below on the breakdown of the U.S. population and the labor force: Persons under 16 Persons in the armed forces Total Persons Institutionalized Population Not in Labor Force a) Fill in the missing portions in the chart. b) What are the 4 types of unemployment? c) Calculate the unemployment rate based on the following data: Civilian population = 200 million Number of employed persons = 113 million 5% Civilian labor force = 130 million Natural unemployment rate = d) What two conditions must hold to constitute someone as unemployed?
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 7CQ
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Transcribed Image Text:Review the chart below on the breakdown of the U.S. population and the labor
force:
Persons under 16
Persons in the armed forces
Total
Persons Institutionalized
Population
Not in Labor Force
a) Fill in the missing portions in the chart.
b) What are the 4 types of unemployment?
c) Calculate the unemployment rate based on the following data:
Civilian population = 200 million
Number of employed persons = 113 million
5%
Civilian labor force = 130 million
Natural unemployment rate =
d) What two conditions must hold to constitute someone as unemployed?
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