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A country with a civilian population of 100,000 (all over age 16) has 70,000 employed and 20,000 unemployed persons. Of the unemployed, 10,000 are frictionally
A country with a civilian population of 100,000 (all over age 16) has 70,000 employed and 20,000 unemployed persons. Of the unemployed, 10,000 are frictionally unemployed and another 5000 are structurally unemployed. Based on this data, answer the following questions: show your work for credit a. What is the size of the labor force? B. What is the unemployment rate? C. What is the natural rate of unemployment for this country? D. Is this economy in recession or expansion? Explain
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