Refer to the table attached below to answer the following questions:1. What is the labor force participation rate for period 2?2. What is the unemployment rate for period 1? Period 1Period 2JanJanWorking Age Population64 59167 153Labor ForceEmployed38 46140 047Underemployed6 8837 879Unemployed2 7032 469Labor Force ParticipationRate (%)Employment Rate (%)93.494.2Underemployment Rate| (%)17.919.7Unemployment Rate (%)

Labor force participation rate is the proportion of the country's working age population that are…

Answered: 1. What is the labor force…

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1. What is the labor force participation rate for period 2? 2. What is the unemployment rate for period 1?

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

Refer to the table attached below to answer the following questions:

1. What is the labor force participation rate for period 2?

2. What is the unemployment rate for period 1?

Period 1
Period 2
Jan
Jan
Working Age Population
64 591
67 153
Labor Force
Employed
38 461
40 047
Underemployed
6 883
7 879
Unemployed
2 703
2 469
Labor Force Participation
Rate (%)
Employment Rate (%)
93.4
94.2
Underemployment Rate
| (%)
17.9
19.7
Unemployment Rate (%)

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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