The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment Natural rate of unemployment Population of the country Number of people employed Number of people unemployed Number of people employed part time Number of people discouraged workers 3% 4% 125 million 97 million 3 million 5 million 2 million a. Calculate the size of the labor force. b. Calculate the labor force participation rate. Show your work. c. Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. d. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work. e. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?

The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment Natural rate of unemployment Population of the country Number of people employed Number of people unemployed Number of people employed part time Number of people discouraged workers 3% 4% 125 million 97 million 3 million 5 million 2 million a. Calculate the size of the labor force. b. Calculate the labor force participation rate. Show your work. c. Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain. d. Calculate what the cyclical unemployment rate would be if the actual rate of unemployment increased to 5 percent. Show your work. e. Suppose discouraged workers reenter the labor force and find employment. Will the actual rate of unemployment increase, decrease, or stay the same?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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