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The table below presents labor market data for three countries. All population values are in millions. Country Working-age Labor population force Employed Unemployed Unemployment

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The table below presents labor market data for three countries. All population values are in millions. Country Working-age Labor population force Employed Unemployed Unemployment rate (1) Labor-force participation rate (4) Japan France Germany 109 61 5 32 6 55.17 76 48 8.33 Instructions: For the last two columns, enter your responses as percentages rounded to one decimal place. Instructions: Round your answers for the working-age population, labor force, employed, and unemployed to the nearest whole number. a. Fill in the blanks in the table above. b. In part a, you may have noticed that the unemployment rates of the three countries differ from one another. Which of the following are possible reasons why a country may have a higher unemployment rate? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The country could be in a recession and have higher cyclical unemployment. The country could have a lower natural rate of unemployment The country could have higher (and binding) minimum wages. The country could have a more liberalized labor market, leading to lower frictional unemployment.

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