The town of Big Horizons has a frictional unemployment rate of 2%, an overall unemployment rate of 7%, a civilian working age population of 100 million people with 82 million employed. Calculate the: a. Labor force participation rate. b. Cyclical unemployment rate. c. Structural unemployment rate.

The town of Big Horizons has a frictional unemployment rate of 2%, an overall unemployment rate of 7%, a civilian working age population of 100 million people with 82 million employed. Calculate the: a. Labor force participation rate. b. Cyclical unemployment rate. c. Structural unemployment rate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The town of Big Horizons has a
frictional unemployment rate of
2%, an overall unemployment rate
of 7%, a civilian working age
population of 100 million people
with 82 million employed.
Calculate the:
a. Labor force participation rate.
b. Cyclical unemployment rate.
c. Structural unemployment rate.

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