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

question 89

Essay

Table: Statistics for a Small Economy $$\begin{array} { l c } \hline \text { Type of statistic } & \text { Number (millions) } \\\hline \text { Population under the age of } 16 & 16 \\\text { Population over the age of } 16 & 54 \\\text { Retirees } & 14 \\\text { Discouraged workers } & 3 \\\text { Frictionally unemployed } & 1.5 \\\text { Structurally unemployed } & 2.5 \\\text { Cyclically unemployed } & 6 \\\hline\end{array}$$
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?

• 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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Definitions:

Interventionists

Individuals or entities that actively intervene or become involved in situations, typically to effect change or provide assistance.

Religion

An organized set of beliefs, practices, rituals, and symbols that increases an individual’s connection to a sacred or transcendent other (God, higher power, or higher truth).

Nigeria

A country located in West Africa, known for its diverse cultures, languages, and as having one of the largest economies and populations in Africa.

Cognitive Factor

An element of mental processing that influences understanding, learning, problem-solving, and decision-making.