3. In a country number of employed is 27 million, number of unemployed is 3 million and population(+16 years old) is 60 million. According to this; a) Calculate the unemployment rate. b) Calculate the laborforce participation rate.

3. In a country number of employed is 27 million, number of unemployed is 3 million and population(+16 years old) is 60 million. According to this; a) Calculate the unemployment rate. b) Calculate the laborforce participation rate.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section: Chapter Questions

Problem 1QR

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3. In a country number of employed is 27 million, number of unemployed is 3 million and
population(+16 years old) is 60 million. According to this;
a) Calculate the unemployment rate.
b) Calculate the laborforce participation rate.

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