A) What is the size of the labor force? B) What is the official unemployment rate (U3) (Number-NOT definition)?. c) What is the U6 rate (Number-NOT definition)? D) Labor Force Participation Rate (Number-NOT definition?

A) What is the size of the labor force? B) What is the official unemployment rate (U3) (Number-NOT definition)?. c) What is the U6 rate (Number-NOT definition)? D) Labor Force Participation Rate (Number-NOT definition?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 6WNG

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Question

1) Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150 (besides
under 16); unemployed, 23; part-time workers looking for full-time jobs, 10. No discouraged workers
A) What is the size of the labor force?.
B) What is the official unemployment rate (U3) (Number-NOT definition)?
c) What is the U6 rate (Number-NOT definition)?
D) Labor Force Participation Rate (Number-NOT definition?
2) There following information is found for unemployment:
Structural 5% Cyclical = 2% U3= 8%
A) What is the other frictional unemployment rate (Number-NOT definition)?
B) Is the economy at full employment? Why or why not?
C) What is the natural rate of unemployment (Number-NOT definition)?

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Step 1: Introduction of the concept of labor market statistics.

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Step 2: Part (A) Calculate the size of the labor force.

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Step 3: Part (B) Calculate the official unemployment rate.

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Step 4: Part (C) Calculate the U6 rate

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Step 5: Part (D) Calculate the Labor Force Participation Rate.

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