4. The country of La La Land has a population of 350 people. 70 people are under age 16, 190 areemployed, including 180 employed full-time. 70 people are adults who are not working or lookingfor work because they are doing full-time family care, are retired or disabled, or are in school. 10people were not looking for a job in the last 4 weeks but did look for work at some time in the last 12months. The rest are unemployed. No one is institutionalized, the country has no military, and allpart-time workers want to work full time but cannot find full-time work.a. Calculate the number of unemployedb. Calculate the size of the labor forceC.Calculate the unemployment rates (U3, U5, and U6)d. Calculate the labor force participation ratee. What is the difference between being unemployed and being out of the labor force?

Answered: 4. The country of La La Land has a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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4. The country of La La Land has a population of 350 people. 70 people are under age 16, 190 are
employed, including 180 employed full-time. 70 people are adults who are not working or looking
for work because they are doing full-time family care, are retired or disabled, or are in school. 10
people were not looking for a job in the last 4 weeks but did look for work at some time in the last 12
months. The rest are unemployed. No one is institutionalized, the country has no military, and all
part-time workers want to work full time but cannot find full-time work.
a. Calculate the number of unemployed
b. Calculate the size of the labor force
C.
Calculate the unemployment rates (U3, U5, and U6)
d. Calculate the labor force participation rate
e. What is the difference between being unemployed and being out of the labor force?

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The unemployment rate is the percentage of the total labor force that is unemployed but actively seeking for a job.

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