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Calculate the natural unemployment rate

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In a country with a working-age population of 22 million, 16 million are employed, 2 million are unemployed, and 1 million of the employed are working part-time, half of whom wish to work full-time. If 500,000 of those unemployed are cyclically unemployed, what is the natural unemployment rate?

Details please must be included. What is the law to calculate the natural unemployment rate?

Reference no: EM131395936

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