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?
Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 11RQ: If you an? out of school but working part time, are you considered employed or unemployed in U.S....
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Assume you have the following information about an economy:
Labor Force of an Economy
Sumber of People (nillions)
243.8
153.6
90.2
144.2
Population over age 16
Labor force
Not in the labor force
Employed
Unemployed
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 officially
unemployed workers by 0.9 million. What is the unemployment rate now?
d. What is the new labor force participation rate?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa710c47f-e633-48d3-a2fb-679ef1da630d%2Ff68a553c-9128-4c7c-be11-600034ace4f2%2Fwwqumi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:s
Assume you have the following information about an economy:
Labor Force of an Economy
Sumber of People (nillions)
243.8
153.6
90.2
144.2
Population over age 16
Labor force
Not in the labor force
Employed
Unemployed
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 officially
unemployed workers by 0.9 million. What is the unemployment rate now?
d. What is the new labor force participation rate?
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