1. Assume that a survey of households revealed that the non-institutional population 16 years and older is 250 million. Of that group, 100 million are working full-time and 50 million are working part-time. 15 million of the part-time workers said that they would prefer to be working full-time while the other 35 million prefer to be working part-time. Of the people who are not working, 11 million said that they want to work. All 11 million had either gone to a job interview or submitted a resume during the last year, but only 5 million had done so during the past month. Given this information, find the a. unemployment rate b. labor force participation rate c. u6 measure of labor utilization

1. Assume that a survey of households revealed that the non-institutional population 16 years and older is 250 million. Of that group, 100 million are working full-time and 50 million are working part-time. 15 million of the part-time workers said that they would prefer to be working full-time while the other 35 million prefer to be working part-time. Of the people who are not working, 11 million said that they want to work. All 11 million had either gone to a job interview or submitted a resume during the last year, but only 5 million had done so during the past month. Given this information, find the a. unemployment rate b. labor force participation rate c. u6 measure of labor utilization

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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