The table below provides employment and labour force data for a small economy over a 3-month period.Stock of UnemploymentStock ofStock of outside theTotal PopulationEmployment2,530,0002,470,0002,410,000Labour ForceSept. 1Oct. 1Nov. 1120,000120,000120,000350,000410,000470,0003,000,0003,000,0003,000,000a. What is the unemployment rate on September 1, October 1, and November 1?b. Explain why the unemployment rate changes even though the stock of unemployment remains stable.c. Provide a likely explanation for the change in this economy's labour force. In this case, is the unemployment rate anaccurate measure of the amount of slack (excess supply) in the labour market?a. The unemployment rate on September 1 is%. (Round your response to two decimal places.)

Stock of Unemployment Stock of Stock of outside the Total Populatio Employment 2,530,000 2,470,000 2,410,000 Labour Force Sept. 1 Oct. 1 Nov. 1 120,000 120,000 120,000 350,000 410,000 470,000 3,000,000 3,000,000 3,000,000 What is the unemployment rate on September 1, October 1, and November 1? Explain why the unemployment rate changes even though the stock of unemployment remains stable. Provide a likely explanation for the change in this economy's labour force. In this case, is the unemployment curate measure of the amount of slack (excess supply) in the labour market? .....

Stock of Unemployment Stock of Stock of outside the Total Populatio Employment 2,530,000 2,470,000 2,410,000 Labour Force Sept. 1 Oct. 1 Nov. 1 120,000 120,000 120,000 350,000 410,000 470,000 3,000,000 3,000,000 3,000,000 What is the unemployment rate on September 1, October 1, and November 1? Explain why the unemployment rate changes even though the stock of unemployment remains stable. Provide a likely explanation for the change in this economy's labour force. In this case, is the unemployment curate measure of the amount of slack (excess supply) in the labour market? .....

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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