Consider an economy that cons

timer Asked: Nov 23rd, 2015

Question description

Consider an economy that consists of the only following economic agents.  2 million full-time workers 1 million part-time workers 1 million people who have been laid off by their employers but are currently looking for employment 1 million children of age fifteen years or less 2 million housewives not looking for jobs What is the size of the labor force? How much is the labor force participation rate (I want the actual percentage)? What is the official unemployment rate, U3 (I want the actual percentage)? What is the unofficial underemployment rate, U6 (I want the actual percentage)? If this economy also added 1 million retirees, how would that changeU3 if at all? If productivity for every worker in the country increased, what would you expect to happen to the labor demand curve, all other things being equal?  Why? help

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