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What is the size of the labor force

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Reference no: EM131763089

Country A with a civilian population of 75 mil (all over age 16), has 47 mil employed and 19 mil unemployed persons, of which 3 mil is frictionally unemployed and another 4 mil structurally unemployed. 

a) What is the size of the labor force? ________

b) What is the actual unemployment rate? ________

c) What is the labor force participation rate? ___________

d) What is the natural rate of unemployment? ____________

e) Is this economy in a recession or a boom? ______________ 

Explain (Answer can be given in one sentence) _________________________________________________

Reference no: EM131763089

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