This not a test its a textbook question The following table is about Slippery Rock's labor market. Use Table 2 on your answer sheetto fill-in-the blanks and to answer the following questions. All figures are in thousands.[16 pts]YearEmployedUnemployedLaborUnemploymentWorkersWorkersForceRate20161942003.0%20172281220182262462019230214) Complete Table 2 above on your answer sheet.(8 pts)5) In 2019 of the 21,000 unemployed, 8,000 workers are structurally unemployed and5,000 more are frictionally unemployed. What is the natural rate of unemploymentin 2019? (Round figures to tenths)6) If the natural rate of unemployment is 4%, what is the level of cyclical unemploymentin 2019?7) From 2016 to 2019 in what part of the business cycle was the economy of SlipperyRock? Briefly explain.

We will answer only question 4 here.

Answered: Year Employed Unemployed Labor…

Year Employed Unemployed Labor Unemployment Workers Workers Force Rate 2016 194 200 3.0% 2017 228 12 2018 226 246 2019 230 21 4) Complete Table 2 above on your answer sheet.(8 pts)

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

This not a test its a textbook question

The following table is about Slippery Rock's labor market. Use Table 2 on your answer sheet
to fill-in-the blanks and to answer the following questions. All figures are in thousands.
[16 pts]
Year
Employed
Unemployed
Labor
Unemployment
Workers
Workers
Force
Rate
2016
194
200
3.0%
2017
228
12
2018
226
246
2019
230
21
4) Complete Table 2 above on your answer sheet.(8 pts)
5) In 2019 of the 21,000 unemployed, 8,000 workers are structurally unemployed and
5,000 more are frictionally unemployed. What is the natural rate of unemployment
in 2019? (Round figures to tenths)
6) If the natural rate of unemployment is 4%, what is the level of cyclical unemployment
in 2019?
7) From 2016 to 2019 in what part of the business cycle was the economy of Slippery
Rock? Briefly explain.

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