Answer Happy

Use the following information on an economy: Working-age population = 200million, currently working = 120 million, currently looking for work= 10 million, currently available for work but not working because they have given up searching for work = 2 million, available for work but not working due to transportation problems = 1 million, full time students, retirees and homemakers = 7 million. Assume the natural rate of unemployment (NRU) for this economy is 5 percent. Given the data above the official unemployment rate percent. percent, while the labor force participation rate is: is: OA)) 8.5%; 63.5% B) 6.0%; 60% OC) 10%; 60% D) 7.6%; 65%

Suppose that economy has 9 million people working full time. It also has 1 million people who are actively seeking work but currently unemployed as well as 2 million discouraged workers who have given up looking for work and are currently unemployed. Assume that this economy NRU is 6%. The official unemployment rate for this economy's is employment rate is percent and the output gap _percent; the full A) 11 percent; positive 6%; 10% B) 20 percent; negative 5%; 4% C) 25 percent; positive 5%; 5% D) 10 percent; negative 10%; 6%

The level of real GDP (output) that would materialize at the target rate of unemployment (NRU) is called: A) nominal output. B) actual output. C) utilized output. D) potential output.