ECO372 Phoenix Week 2 Labor Force and Rate of Unemployment Paper

ECO372

University of Phoenix

### Question Description

3.Use the hypothetical data in the table below to calculate the Labor Force (in millions) and the rate of unemployment (as a percentage) in each year.

UnemployedEmployed

Year 19.6 million150.4 million

Year 212.4 million142.6 million

Year 1

Labor Force =unemployment rate =

Year 2

Labor Force =unemployment rate =

### Unformatted Attachment Preview

Unemployment ECO 372 Week 2 Worksheet 1. What are discouraged workers? Are there likely to be more discouraged workers when the economy is booming or when the economy is in recession? 2. Even when the economy is strong, there will be some people who are unemployed because they recently entered the labor force or lost/left a job and are engaged in job search. What does this imply about the economy’s natural or full-employment rate of unemployment? Be specific. 3. Use the hypothetical data in the table below to calculate the Labor Force (in millions) and the rate of unemployment (as a percentage) in each year. Unemployed Employed Year 1 9.6 million 150.4 million Year 2 12.4 million 142.6 million Year 1 Labor Force = unemployment rate = Labor Force = unemployment rate = Year 2 Copyright © 2017 by University of Phoenix. All rights reserved. 1 ...
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