Question
I need help with this problem The following table shows employment data for CountryZ's working-age population. Cyclically unemployed 4,000 Frictionally unemployed 1,000 Structurally unemployed 2,000
I need help with this problem
The following table shows employment data for CountryZ's working-age population.
Cyclically unemployed
4,000
Frictionally unemployed
1,000
Structurally unemployed
2,000
Employed
63,000
Not in the labor force
30,000
(a) Calculate the unemployment rate for CountryZ.Show your work.
(b) Calculate the labor force participation rate for CountryZ.Show your work.
(c) Is CountryZcurrently producing at its potential real output? Explain.
(d) Assuming constant opportunity costs, draw a correctly labeled graph of countryZ'sPPC, showing consumer goods on the horizontal axis and capital goods on the vertical axis. Label a pointWon the graph that reflects the current level of unemployment.
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