QUESTION 31
Suppose the following situation
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You live in a small town with a population of civilians of 10000 people. In this population, 6000 are working and 1000 are trying to find work in an industry that they are trained in.
What is the unemployment rate in of the town? (2)
What is the labor force participation rate? (1)
Suppose there is a downturn in the local economy and the amount of people working dropped to 4000 and the total number of people looking for work is 1500. What is the new unemployment rate? (1)
What kind of unemployment is this? Why? (1)