Use the following data to calculate (a) the size of the labor force (b) the offi

Question

Use the following data to calculate (a) the size of the labor force (b) the official unemployment rate, and (c) the labor force participation rate. population = 500 / population 16 years or older = 400 / people employed full or part-time = 200 / people unemployed and actively seeking work = 20 / people who have quit seeking work due to lack of success = 10 / part time workers seeking full time jobs = 30

(+ why the last thing (part time workers seeking full time jobs) should not be included in the employed ??)

Explanation / Answer

labor force = 400 - 10 = 390

Unembloyed = 20 + 30 = 50

Unemployment rate = 50/390 = 12.82%

The labor force participation rate is the percentage of the working-age population who are in the labor force:200/390 = 51.28%

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.