6. Consider the following hypothetical data from the peaceable nation of Adirolf, where there is no military,
Question:
6. Consider the following hypothetical data from the peaceable nation of Adirolf, where there is no military, the entire population is over the age of 16, and no one is institutionalized for any reason. Then answer the questions.
Classifi cation Number of people Total population 200 million Employed 141 million Full-time students 10 million Homemakers 25 million Retired persons 15 million Seeking work but without a job 9 million
a. What is the unemployment rate in Adirolf?
b. What is the labor force participation rate in Adirolf?
For questions c through f: assume that 15 million Adirolfi an homemakers begin seeking jobs and that 10 million fi nd jobs.
c. Now what is the rate of unemployment in Adirolf?
d. How does this change affect cyclical unemployment in Adirolf?
e. What will happen to per capita GDP?
f. Is the economy of Adirolf better off after the homemakers enter the labor force? Explain your response.
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