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The following table defines some population and employment statistics for two countries. Sweet ...

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The following table defines some population and employment statistics for two countries. Sweet ...

The following table defines some population and employment statistics for two countries.

	Sweet Country	Spicy Country
Population	500 million	510 million
Unemployment rate	4%	5%
Labor participation rate	82%	76%

Refer to the table above. Due to technological changes, older workers have difficulty finding jobs in Spicy Country. The unemployment rate for people older than 60 is much greater than the unemployment rate for the general population. If a new policy allowed workers in Spicy Country to retire at age 60, what is likely to happen?

▸ The labor participation rate will increase.

▸ The unemployment rate will decrease.

▸ The number of people not in the labor force will decrease.

▸ The number of unemployed workers will increase.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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