in the counry of economica the total labor force consists of 10,000 workers, 400

Question

in the counry of economica the total labor force consists of 10,000 workers, 400 of these workers are unemployed, and this the current unemployment rate is 4,0%. This year 200 workers will lose their jobs, 170 workers will return to the labor force after an absence 1100 workers will voluntaryly leave their jobs, and 50 new workers will enter the labor force.

At the same time 726 workers will find jobs, and 300 workers will retire or leave the labor for other reasons.

Thus, at the end of the year, the abor force will consists of ________ workers, and the unemployement tate eill be _____%

Explanation / Answer

Labor force beg. 10,000

Changes in the labor force: +170; +50; -300=-80

                        new labor force= 10000-80=9,920

   Unemployed beg. 400

Changes in unemployment: 200;1100;-726 =574

   New number of Unemployed =400+574=974

    New Unemployment rate= 974/9920=9.8%

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