Question: Use the table below to answer the following questions: Labor Force of an Economy Labor Force Employed Structurally unemployed Cyclically unemployed Frictionally unemployed Number

Use the table below to answer the following questions: Labor Force of

Use the table below to answer the following questions: Labor Force of an Economy Labor Force Employed Structurally unemployed Cyclically unemployed Frictionally unemployed Number of People (millions) 134.8 Instructions: Round your answers to two decimal places. a. Calculate the actual unemployment rate and the natural rate of unemployment for this economy. Actual rate of unemployment: [ Natural rate of unemployment: b. Now assume 1.4 million cyclically unemployed workers become employed. At the same time, 0.8 million employed workers become structurally unemployed. Calculate the unemployment rate and the natural rate of unemployment for this economy. Actual rate of unemployment: Natural rate of unemployment: % 1% % 1.4 2.3 3.4 %

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