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Table: Statistics for a Small Economy Refer to the Table to Answer the Following Questions

Question 256

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Table: Statistics for a Small Economy  Type of statistic  Number (millions)  Population under the age of 1616 Population over the age of 1654 Retirees 14 Discouraged workers 3 Frictionally unemployed 1.5 Structurally unemployed 2.5 Cyclically unemployed 6\begin{array} { l c } \hline \text { Type of statistic } & \text { Number (millions) } \\\hline \text { Population under the age of } 16 & 16 \\\text { Population over the age of } 16 & 54 \\\text { Retirees } & 14 \\\text { Discouraged workers } & 3 \\\text { Frictionally unemployed } & 1.5 \\\text { Structurally unemployed } & 2.5 \\\text { Cyclically unemployed } & 6 \\\hline\end{array}
Refer to the table to answer the following questions.
A) How many people are in the country's labor force?
B) What is the labor force participation rate?
C) What is the unemployment rate?
D) What is the natural unemployment rate?
E) What is the rate of cyclical unemployment?

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A) The labor force is the sum of the emp...

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