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!

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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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
三
О
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 三 О
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