Consider the following table. Use the given information to answer questions 6 - 9. Group Work-eligible population Labor force Not in labor force but work eligible Employed Unemployed ??? 100 200 20 Calculate the unemployment rate. (Round your answer to the nearest first decimal place.) Answer: The unemployment rate = % Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.) Answer: The labor force participation rate = % If the natural rate of unemployment = 5%. Is the economy in recession or expansion? ( Select] If some people who were previously employed lost their jobs. They are now looking for jobs. Assume everything else is the same, what happens to the labor force participation rate? ( Select)
Consider the following table. Use the given information to answer questions 6 - 9. Group Work-eligible population Labor force Not in labor force but work eligible Employed Unemployed ??? 100 200 20 Calculate the unemployment rate. (Round your answer to the nearest first decimal place.) Answer: The unemployment rate = % Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.) Answer: The labor force participation rate = % If the natural rate of unemployment = 5%. Is the economy in recession or expansion? ( Select] If some people who were previously employed lost their jobs. They are now looking for jobs. Assume everything else is the same, what happens to the labor force participation rate? ( Select)
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
Related questions
Question
N7
![Consider the following table. Use the given information to answer questions 6 - 9.
Group
Work-eligible population
Labor force
Not in labor force but work
eligible
Employed
Unemployed
???
???
100
200
20
Calculate the unemployment rate. (Round your answer to the nearest first decimal place.)
Answer: The unemployment rate =
Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.)
Answer: The labor force participation rate = .
If the natural rate of unemployment = 5%. Is the economy in recession or expansion?
[ Select ]
If some people who were previously employed lost their jobs. They are now looking for jobs.
Assume everything else is the same, what happens to the labor force participation rate?
[ Select ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42fcb475-4ab6-438b-b6b2-a29b13958a9b%2F40618750-2ba1-43c1-9292-7e2136a772f2%2F77mqpxlr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following table. Use the given information to answer questions 6 - 9.
Group
Work-eligible population
Labor force
Not in labor force but work
eligible
Employed
Unemployed
???
???
100
200
20
Calculate the unemployment rate. (Round your answer to the nearest first decimal place.)
Answer: The unemployment rate =
Calculate the labor force participation rate. (Round your answer to the nearest first decimal place.)
Answer: The labor force participation rate = .
If the natural rate of unemployment = 5%. Is the economy in recession or expansion?
[ Select ]
If some people who were previously employed lost their jobs. They are now looking for jobs.
Assume everything else is the same, what happens to the labor force participation rate?
[ Select ]
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