Table 29-2Suppose people in the adult population in a small…
Table 29-2Suppose people in the adult population in a small country are classified based on their age.Labor Force StatusAgeLess than 55 55 and OlderNumber employed400,000100,000Number unemployed25,0007,000Number in population600,000200,000Refer to Table 29-2. Suppose that the natural rate of unemployment is 5% for those under 55 and 3% for those 55 and older. The cyclical unemployment rate for those under 55 is