Measuring the Economy 2
Problem : List 3 costs of unemployment.
Problem : Please explain what is meant by Okun's law.
Using Okun's law, determine the percent change in real GDP if the unemployment rate goes from 8% to 4%.
Problem : List the 3 major types of unemployment and the 4 major reasons for unemployment.
Problem : Find the unemployment rate given that a survey by the BLS reveals 30 people employed 10 people unemployed, and 40 people out of the labor force.