2. The labor force and the unemployment rate Consider the following dialog between Teresa, an economics student who curr

[answerhappygod]

2 The Labor Force And The Unemployment Rate Consider The Following Dialog Between Teresa An Economics Student Who Curr 1 (24.5 KiB) Viewed 33 times

2. The labor force and the unemployment rate Consider the following dialog between Teresa, an economics student who currently studies macroeconomics, and Beth, her teaching assistant. TERESA: H Beth, I'm working on my Aplia homework and realized that I do not understand the definition of the labor force very well. Does it indude discouraged workers? BETH: H Teresa, the conventional definition of the labor force discouraged workers. This is because they Also, be sure not to mistake discouraged workers for part-time workers. The key difference is that the latter TERESA: I think I understand it now, thank you BETHE Let me ask you a question to see if you can apply your knowledge. Consider an economy with 15 full-time workers, 14 part-time workers workers who have been laid off but are actively looking for a new job, and 4 formerly full-time workers who have been without a job for over a year, failed to find any, and gave up looking. Can you please calculate the total labor force and the unemployment rate for thes economy? TERESA: The total labor force is workers and the unemployment rate is