Problem
A country with a civilian population of 90,000 (all over age 16) has 70,000 employed and 10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and another 3,000 are structurally unemployed. On the basis of this data, answer the following questions:
a. What is the size of the labor force?
b. What is the unemployment rate?
c. What is the natural rate of unemployment for this country?
d. Is this economy doing well or poorly? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.