A country with a civilian population of 90,000 (all over the age of 16) has 70,000 employed and 10,000 unemployed. Of the unemployed, 5,000 are in frictional unemployment and another 3,000 are in structural unemployment. Based on this data, answer the following questions: (show your work for credit)

What is the size of the workforce?

What is the unemployment rate?

What is the natural rate of unemployment in this country?

Is this economy in recession or expansion? explain

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To answer these questions we first need to define the terms 1 Workforce The total number of employed ... View the full answer