Assume you have the following information about an economy: Labor Force of an Economy Population over age 14 Labor force Not in the labor force Employed Unemployed Number of People (nillions) 243.0 153.6 90.2 9.4 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? b. What is the labor force participation rate? c. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number of officiaty unemployed workers by 0.9 million. What is the unemployment rate now? d. What is the new labor force participation rate?

Assume you have the following information about an economy: Labor Force of an Economy Population over age 14 Labor force Not in the labor force Employed Unemployed Number of People (nillions) 243.0 153.6 90.2 9.4 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? b. What is the labor force participation rate? c. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number of officiaty unemployed workers by 0.9 million. What is the unemployment rate now? d. What is the new labor force participation rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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