Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Hi I need help with the following question using the data table.
Calculate the
Transcribed Image Text:(Module 12) The population of Franklandia can be described by the data in the table below.
Civilian population age 16 and older
Number employed full time
Number employed part time
Number unemployed and looking for a job
Number unemployed and not looking for a job
Number in the military
Number in prison
500,000
220,000
80,000|
150,000
25,000
20,000
5,000
Expert Solution
Step 1
Size of labor force= 220000+80000+150000
= 450000
Number of unemployed people= 150,000
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