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Chapter 7: Q.2 (page 161)

Suppose you are given the following information:

a. What is the total population?

b. How many people are unemployed, and what is the unemployment rate?

c. What is the labour force participation rate?

Short Answer

Expert verified

a. 295million

b. 10million and 3.38%

c.69.89%

Step by step solution

01

explanation part (a)

All the residents comprise the total population excluding adults in the military, institutionalized adults, and employed adults because they are already counted in the labour force.

鈬�206.2+48+40.8=295million

02

part (b)

Number of unemployed people = labour force - employed people

鈬�206.2-196.2=10million

Unemployment rate =(unemployed people梅total population) 脳100

鈬�10295脳100=3.389%

03

part (c)

Calculating labour force participation rate = (labour force梅total population)脳100

鈬�206.2295脳100=69.89%

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Most popular questions from this chapter

If each household in a nation were to track a consumer price index that averaged the prices of items consumed solely by that household, why would you anticipate that the annual rate of change of every household's average prices likely would differ?

In a country with a labour force of 200, a different group of 10 people becomes unemployed each month but becomes employed once again a month later. No others outside these groups are unemployed.

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d. Following the change discussed in part (c), what is the country's unemployment rate?

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Why do you suppose that many economists argue that unemployment would drop if people developed stronger critical-thinking, writing, and science and mathematics skills that can be applied to a wider range of job tasks?
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