The labor force of a fictional economy, Persepolis, is 500, 000 people. Of these, about 50,000...
The labor force of a fictional economy, Persepolis, is 500, 000 people. Of these, about 50,000 are frictionally and structurally unemployed, and 50,000 are cyclically unemployed. Another 25,000 are underemployed. Based on this information, Persepolis' natural rate of unemployment is:
- A.
10 percent.
- B.
15 percent
- C.
20 percent
- D.
25 percent
Homework Answers
Answer: C. 20 percentage
Labor force = 500000
Frictional unemployment = 50000
Cyclical unemployment = 50000
The natural rate of unemployment takes both frictional and cyclical unemployment into account.
So, natural unemployment = 50000 +50000 = 100000
Natural rate of unemployment = Natural unemployment / total labor force
= 100000/500000
= 20 percent
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