### Complete the Following TableThe following table showcases various labor force metrics:| **Column1** | **Column2** ||-----------------------------------------|---------------------|| Employment | 160,528,000.00 || Unemployment | || Unemployment Rate U3 | 4.1% || Labor Force | || Labor Force participation rate | 64.1% || Civilian Population | || Employment/Population ratio | |### Explanation of the Columns and Rows:1. **Employment**: This figure represents the total number of people currently employed in the labor force, which is 160,528,000.00.2. **Unemployment**: This field is currently empty and should contain the number of people who are unemployed.3. **Unemployment Rate U3**: This is the unemployment rate, defined as the number of unemployed people as a percentage of the labor force. In this table, it is 4.1%.4. **Labor Force**: This field is currently empty. It should contain the total number of people who are either employed or actively seeking employment.5. **Labor Force participation rate**: This is the percentage of the civilian population (16 years and older) that is either employed or actively looking for work. In this table, it is 64.1%.6. **Civilian Population**: This field is currently empty. It should contain the total number of non-institutionalized civilians aged 16 years and over.7. **Employment/Population ratio**: This field is currently empty. It should contain the percentage of the civilian non-institutional population that is employed.### How to Calculate Missing Fields:1. **Unemployment**: \[ \text{Unemployment} = \text{Labor Force} \times \frac{\text{Unemployment Rate}}{100} \]2. **Labor Force**: \[ \text{Labor Force} = \text{Employment} + \text{Unemployment} \]3. **Civilian Population**: \[ \text{Civilian Population} = \frac{\text{Labor Force}}{\text{Labor Force Participation Rate}} \times 100 \]4. **Employment/Population ratio**: \[ \text{Employment/Population

Unemployed / total labour force = 0.041 Labour force ( X ) = employed + unemployed X = 160528000 +…

Complete the following table: Column1 Column2 Employment 160,528,000.00 Unemployment Unemployment Rate U3 4.1% Labor Force Labor Force participation rate 64.1% Civilian Population Employment/Population ratio

Complete the following table: Column1 Column2 Employment 160,528,000.00 Unemployment Unemployment Rate U3 4.1% Labor Force Labor Force participation rate 64.1% Civilian Population Employment/Population ratio

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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