a) Determine the magnitude of the labour force in the economy?
b) What is the
percentage to two decimal places.
c) Calculate the Labour Force Participation Rate for this economy. Report as
percentage to two decimal places.
d) Calculate the Unemployment Rate for this economy. Report as a percentage to two decimal places.
e) Calculate the Employment Population Ratio for this economy. Repot as a
percentage to two decimal places.
f) For this part, assume that nothing changed with respect to the population, i.e. those who were working kept their jobs and those who were looking for jobs kept looking for jobs. For answering below questions choose between (will rise/will decrease/remains same)
A. A baby is born.
i) Unemployment Rate will……………………..
ii) Labour Force Participation Rate will………….
iii) Employment – Population Ratio will………….
B. John, 35 years old, was discouraged by the poor job opportunities, so
he was not working and not looking for a job. One day, his cousin
called him offering a job which he took.
i) Unemployment Rate will……………………..
ii) Labour Force Participation Rate will………….
iii) Employment – Population Ratio will………….
C. After 50 years of hard work, Mark, 70 years old, retries.
i) Unemployment Rate will……………………..
ii) Labour Force Participation Rate will………….
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