8. The total population of a country is 1 million. Of this 120,000 are pensioners (retired), 160,000 are below the age of 16 and about 20,000 cannot take up a job because either they are under institutional care or hospitalized and unfit to work. About 14,000 do not want to take up a job (therefore they do not even look for a job for a long period of time) and about 7,000 are estimated to be on average in a state of a change in their life and employment (however they are actively looking for employment). The economy is subject to high seasonal variations therefore at the month of January (at which the current labour survey is contacted) about 70,000 summer period employees (working in the tourist industry) are temporarily out of work, waiting to be called back to work in March when the season begins. 12,000 are out of work and are actively looking to find a job while an additional 3,000 are newcomers in the labour force who have been given a job offer and are expected to start working on 1 February. find: (1) The workforce of the economy (1) The total number of employed (ii) The working age population (iv) The total number of unemployed (v) The rate of unemployment (vi) The economic activity rate (vii) The employment rate (viii) The frictional unemployment (ix) The seasonal unemployment
8. The total population of a country is 1 million. Of this 120,000 are pensioners (retired), 160,000 are below the age of 16 and about 20,000 cannot take up a job because either they are under institutional care or hospitalized and unfit to work. About 14,000 do not want to take up a job (therefore they do not even look for a job for a long period of time) and about 7,000 are estimated to be on average in a state of a change in their life and employment (however they are actively looking for employment). The economy is subject to high seasonal variations therefore at the month of January (at which the current labour survey is contacted) about 70,000 summer period employees (working in the tourist industry) are temporarily out of work, waiting to be called back to work in March when the season begins. 12,000 are out of work and are actively looking to find a job while an additional 3,000 are newcomers in the labour force who have been given a job offer and are expected to start working on 1 February. find: (1) The workforce of the economy (1) The total number of employed (ii) The working age population (iv) The total number of unemployed (v) The rate of unemployment (vi) The economic activity rate (vii) The employment rate (viii) The frictional unemployment (ix) The seasonal unemployment
Chapter1: Making Economics Decisions
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Transcribed Image Text:8. The total population of a country is 1 million. Of this 120,000 are pensioners (retired), 160,000 are below the age of 16 and about 20,000 cannot take up a job because either they are under institutional care or hospitalized and unfit to work. About 14,000 do not
want to take up a job (therefore they do not even look for a job for a long period of time) and about 7,000 are estimated to be on average in a state of a change in their life and employment (however they are actively looking for employment). The economy is subject
to high seasonal variations therefore at the month of January (at which the current labour survey is contacted) about 70,000 summer period employees (working in the tourist industry) are temporarily out of work, waiting to be called back to work in March when the
season begins. 12,000 are out of work and are actively looking to find a job while an additional 3,000 are newcomers in the labour force who have been given a job offer and are expected to start working on 1 February. find: (1) The workforce of the economy (II) The
total number of employed (iii) The working age population (iv) The total number of unemployed (v) The rate of unemployment (vi) The economic activity rate (vii) The employment rate (viii) The frictional unemployment (ix) The seasonal unemployment
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