A-C pls The-table-below-shows-unemployment-and-labor-force-statistics for an economy.3%Actual rate of unemploymentNatural rate of unemploymentCivilian, noninstitutional population age 16 and overNumber of people employed full timeNumber of people employed part timeNumber of people unemployedNumber of discouraged workers(a) Calculate the size of the labor force. Show yourwork.(b) Calculate the labor force participation rate. Show yourwork.same?4%125 million92 million5 million3 million2 million(c) Given the state of the economy described in the table, is actual real output less than, greater than, orequal to potential real output?Explain.(d) Calculate what the cyclical unemployment rate would be if the actual rate of unemploymentincreased to 5 percent. Show yourwork.(e) Suppose discouraged workers reenter the labor force and find employment. Will the actual rate ofunemployment increase, decrease, or stay the

***Since the student has specifically asked to solve the first three subparts, hence, the expert has…

The-table-below-shows-unemployment-and-labor-force-statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment Civilian, noninstitutional population age 16 and over Number of people employed full time Number of people employed part time Number of people unemployed Number of discouraged workers (a) Calculate the size of the labor force. Show your work. (b) Calculate the labor force participation rate. Show your work. 4% 125 million 92 million same? 5 million 3 million 2 million (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

The-table-below-shows-unemployment-and-labor-force-statistics for an economy. Actual rate of unemployment 3% Natural rate of unemployment Civilian, noninstitutional population age 16 and over Number of people employed full time Number of people employed part time Number of people unemployed Number of discouraged workers (a) Calculate the size of the labor force. Show your work. (b) Calculate the labor force participation rate. Show your work. 4% 125 million 92 million same? 5 million 3 million 2 million (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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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