A simple economy consists of the following statistics: Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth unemployment 5 million, housewives 22 million, students 5 million. Determine: Size of the Labour force size Unemployment rate Labour force participation rate
A simple economy consists of the following statistics: Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth unemployment 5 million, housewives 22 million, students 5 million. Determine: Size of the Labour force size Unemployment rate Labour force participation rate
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A simple economy consists of the following statistics:
Voluntary unemployed 8 million; involuntary unemployed 4 million; numbered employed 22 million. Total population over 18, 75 million; Child Labour 9 million; discouraged workers 2 million, seasonally unemployed 3 million, youth
Determine:
- Size of the Labour force size
- Unemployment rate
- Labour force participation rate
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