1)Total Population 330.0 million Adult, noninstitutionalized, non military population 260.0 million Unemployment 8.5 million a) If the labor force participation rate is 65% what is the labor force? b) How many workers are employed? c) What is the unemployment rate?

1)Total Population 330.0 million Adult, noninstitutionalized, non military population 260.0 million Unemployment 8.5 million a) If the labor force participation rate is 65% what is the labor force? b) How many workers are employed? c) What is the unemployment 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)Total Population 330.0 million

Adult, noninstitutionalized, non military population 260.0 million

Unemployment 8.5 million

a) If the labor force participation rate is 65% what is the labor force?

b) How many workers are employed?

c) What is the 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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