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Country A with a civilian population of 75 mil (all over age 16), has 47 mil employed and 19 mil unemployed persons, of which 3 mil is frictionally
Country A with a civilian population of 75 mil (all over age 16), has 47 mil employed and 19 mil unemployed persons, of which 3 mil is frictionally unemployed and another 4 mil structurally unemployed.
a) What is the size of the labor force? ________
b) What is the actual unemployment rate? ________
c) What is the labor force participation rate? ___________
d) What is the natural rate of unemployment? ____________
e) Is this economy in a recession or a boom? ______________
Explain (Answer can be given in one sentence) _________________________________________________
