11. Consider a very simple economy in which there are only 20 people of age 16 or over. Eight are working at jobs, two do not have jobs but are actively looking, six are full-time students who are not looking for jobs and have not done so at any time in the past month, and four are retired people who are not looking for jobs and have not done so at any time in the past month. Using the same definitions employed by the Bureau of Labor Statistics, please answer the following questions. (a) How large is the labor force in this economy? (b) What is the unemployment rate? (c) What is the labor force participation rate?

11. Consider a very simple economy in which there are only 20 people of age 16 or over. Eight are working at jobs, two do not have jobs but are actively looking, six are full-time students who are not looking for jobs and have not done so at any time in the past month, and four are retired people who are not looking for jobs and have not done so at any time in the past month. Using the same definitions employed by the Bureau of Labor Statistics, please answer the following questions. (a) How large is the labor force in this economy? (b) What is the unemployment rate? (c) What is the 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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