The following question has 5 parts (a.-e.), parts b. to e. will be revealed after submitting your answer by hitting "Verify" on the preceding sections. Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 70 workers become unemployed for 1 month, 31 become unemployed for 2 months, 16 become unemployed for 3 months and 9 become unemployed for 13 months. a. When will the economy reach its steady state? Month: July Year: 2012 b. At the steady state, what is the unemployment rate? Express your answer in percentage rounded to the nearest first decimal. Section Attempt 1 of 1 Verify AY
The following question has 5 parts (a.-e.), parts b. to e. will be revealed after submitting your answer by hitting "Verify" on the preceding sections. Suppose the labour force of an economy is equal to 1,000 and the unemployment on December 2010 is 0. Then, suppose that in January 2011 and every month that follows, 70 workers become unemployed for 1 month, 31 become unemployed for 2 months, 16 become unemployed for 3 months and 9 become unemployed for 13 months. a. When will the economy reach its steady state? Month: July Year: 2012 b. At the steady state, what is the unemployment rate? Express your answer in percentage rounded to the nearest first decimal. Section Attempt 1 of 1 Verify AY
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
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Transcribed Image Text:The following question has 5 parts (a.-e.), parts b. to e. will be revealed after
submitting your answer by hitting "Verify" on the preceding sections.
Suppose the labour force of an economy is equal to 1,000 and the unemployment
on December 2010 is 0. Then, suppose that in January 2011 and every month that
follows, 70 workers become unemployed for 1 month, 31 become unemployed for 2
months, 16 become unemployed for 3 months and 9 become unemployed for 13
months.
a. When will the economy reach its steady state?
Month: July
Year: 2012
▶
Section Attempt 1 of 1
Verify
b. At the steady state, what is the unemployment rate?
Express your answer in percentage rounded to the nearest first decimal.
X
POT
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