What is the official unemployment rate

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Reference no: EM1312237

Q. 1. Suppose the following data for a nation: total population, 500; population under 16 years of age or institutional 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. Illustrate what is the size of the labor force? Illustrate what is the official unemployment rate?

2. Suppose that the natural rate of unemployment in a particular year is 5 percent also the actual rate of unemployment is 9 percent. Use Okun's law to conclude the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion in that year, elucidate how much output is being forgone because of cyclical unemployment?

Reference no: EM1312237

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