Answers to Unemployment Practice Problems
4.
a. Cyclical
b. Frictional
c. Frictional
d. Structural
e. Cyclical- Federal Govt. & the Fed
5. Labor Force= 137,168 People
This consist of:
Currently working:
90,000 Currently working full-time
890 Part- Time
1000 Temp Workers
Unemployed but are looking
278 College Grads
45,000 laid off, but are looking
Unemployment Rate:
45,278 (unemployed)/ 137,168 (labor force) * 100= 33.01%
6. Labor force participation rate
137,168 (labor force)/ 1,000,000 (non-institutionalized population) * 100= 13.71
7. Labor Force is: 1,718,343
Currently Working:
987,156- Currently working full-time
45,600 Part-Time
234 Self-Employed
56- Family Workers
5654- Temp Workers
Unemployed but looking & at least 16 years of age or older!!
67,432 (ages 23-25 looking for work
544,321 (ages 16-20) looking for work
67, 890 laid off secretaries looking for work
Unemployment Rate:
679,643 / 1,718,343 * 100
39.55%
8. LFPR= 1,718,343/ 6,000,000 *100=28.6