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Suppose the town of Boone has a total population of 70,000 people. Of those, 65,000 people are employed. There are 1,000 full-time students who are
Suppose the town of Boone has a total population of 70,000 people. Of those, 65,000 people are employed. There are 1,000 full-time students who are not employed or actively seeking work. The rest of the people are out of work but have been actively seeking work within the past four weeks. Instructions: In part a, round your answer to 1 decimal place. In part b, enter your answer as a whole number: a. What is the official unemployment rate? percent b. Suppose there are 1,000 people who are unemployed because of frictional unemployment and another 2,000 people unemployed due to cyclical unemployment. How many people are unemployed from structural unemployment? people
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