Consider the following data for an economy last year: Total population 383.52 million Part-time workers looking for full-time jobs 15.89 million Unemployed workers who are not actively searching for jobs 9.12 million Retirees and stay-home parents 18.15 million Unemployed workers who are actively searching for jobs 8.71 million Population under 16 years old and or institutionalized 62.25 million Unemployed full-time college students 69.68 million (a) With the data above, clearly show your steps and calculate the economy's official (i) labor force and (ii) unemployment rate.

Consider the following data for an economy last year: Total population 383.52 million Part-time workers looking for full-time jobs 15.89 million Unemployed workers who are not actively searching for jobs 9.12 million Retirees and stay-home parents 18.15 million Unemployed workers who are actively searching for jobs 8.71 million Population under 16 years old and or institutionalized 62.25 million Unemployed full-time college students 69.68 million (a) With the data above, clearly show your steps and calculate the economy's official (i) labor force and (ii) unemployment rate.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Consider the following data for an economy last year:
Total population
383.52 million
Part-time workers looking for full-time jobs
15.89 million
Unemployed workers who are not actively searching
for jobs
9.12 million
Retirees and stay-home parents
18.15 million
Unemployed workers who are actively searching for
jobs
8.71 million
Population under 16 years old and or institutionalized 62.25 million
Unemployed full-time college students
69.68 million
(a) With the data above, clearly show your steps and calculate the economy's
official (i) labor force and (ii) unemployment rate.
(b) Distinguish between the two kinds of inflation. Which of the two kinds of inflation
is more devastating on the economy? Why?

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