2. In the land of Genovia, the total population is 100,000. 55% of the population are below the age of 16 and above the

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2 In The Land Of Genovia The Total Population Is 100 000 55 Of The Population Are Below The Age Of 16 And Above The 1 (58.53 KiB) Viewed 14 times

2. In the land of Genovia, the total population is 100,000. 55% of the population are below the age of 16 and above the age of 64. A survey state that 8,000 people are temporarily out of employment, 3500 people lost jobs due to recent technological advancement and 5000 are unemployed due to sudden decline of the demand of domestically manufactured jute bags in the last one year. Based on this information, answer the following questions: (a) Identify and justify the Frictional, Structural and Cyclical unemployed number of people in Genovia. (b) What is the Unemployment rate of Genovia? (c) Discuss and calculate the Steady State Unemployment Rate and Actual Unemployment Rate