Homework Help is Here – Start Your Trial Now!
Business
Economics
Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.

Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
None
34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III
Transcribed Image Text:34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Unemployment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS