UNEMPLOYMENT 1. The Bureau of Labor Statistics reported the following data for 2020: Labor force participation rate: Working-age population: Employment-to-population ratio: 68 percent 300 million 64.7 million Calculate the (a) labor force; (b) employment; (c) unemployment rate.

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UNEMPLOYMENT
1. The Bureau of Labor Statistics reported the following data for 2020:
Labor force participation rate:
Working-age population:
Employment-to-population ratio:
68 percent
300 million
64.7 million
Calculate the (a) labor force; (b) employment; (c) unemployment rate.
2. When all unemployment is
equals the natural rate, and real GDP equals
and
the unemployment rate
and the output gap is
3. All frictional unemployment is short-term unemployment; all structural unemployment is long
term unemployment. Do you agree or disagree with this statement? Explain briefly. Define
the underlined words.
Transcribed Image Text:UNEMPLOYMENT 1. The Bureau of Labor Statistics reported the following data for 2020: Labor force participation rate: Working-age population: Employment-to-population ratio: 68 percent 300 million 64.7 million Calculate the (a) labor force; (b) employment; (c) unemployment rate. 2. When all unemployment is equals the natural rate, and real GDP equals and the unemployment rate and the output gap is 3. All frictional unemployment is short-term unemployment; all structural unemployment is long term unemployment. Do you agree or disagree with this statement? Explain briefly. Define the underlined words.
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