1. The table below shows the labor data for an imaginary economy of Kiwiland for the year 2018. The economy of Kiwiland had an overall population of 500 million in that year. Employed People 350 Million Unemployed People 60 Million People Not in the Labor Force 50 Million Hint: There is a difference between the adult population and the overall population. Based on this information, calculate: • The labor force • The unemployment rate, and • Labor force participation rate

1. The table below shows the labor data for an imaginary economy of Kiwiland for the year 2018. The economy of Kiwiland had an overall population of 500 million in that year. Employed People 350 Million Unemployed People 60 Million People Not in the Labor Force 50 Million Hint: There is a difference between the adult population and the overall population. Based on this information, calculate: • The labor force • The unemployment rate, and • Labor force participation rate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. The table below shows the
labor data for an imaginary economy of Kiwiland for the year
2018. The economy of Kiwiland had an overall population of 500
million in that year.
Employed People
350 Million
Unemployed People
60 Million
People Not in the Labor Force 50 Million
Hint: There is a difference between the adult population and the
overall population.
Based on this information, calculate:
• The labor force
• The unemployment rate, and
• Labor force participation rate

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