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34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III

34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 16RQ: Assess whether the following would be counted as unemployed in the Current Employment Statistics...
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34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III
Transcribed Image Text:34 Suppose there are 4,750 people in the labor force. 420 workers are employed full time but were unemployed last month. Additionally, 198 workers had jobs last month but were laid off and have not found work yet. 124 workers lack skills that employers desire and have not been working for months; they are looking for jobs, though. 159 people are not working due to an overall decline in the economy and 194 workers are not working during this season. 188 workers quit their job and have not found a new one yet. Finally, 830 workers are working part time but would like full time work. Based on this information, calculate the natural unemployment rate. Hint: Again, there are no discouraged workers in this example; all unemployed workers are looking for work. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13. Be careful, the information presented here looks similar to a previous question but the numbers are different! 10.13 О = III
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