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In Econoland in 2018, the labor force is 15,000, the unemployment rate is 10% and the labor force participation rate is 50%. During 2019, 300
In Econoland in 2018, the labor force is 15,000, the unemployment rate is 10% and the labor force participation rate is 50%.
During 2019, 300 unemployed people found jobs and the working - age population increased by 1000. The total number of people in the labor force did not change.
Calculate the working -age population, the unemployment rate, and the labor force participation rate at the end of 2019. Lastly, is this economy in 2019 experiencing cyclical unemployment.
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