Given the below information you are to find the labor force participation rate and the unemployment rate. You must show all work and take all steps to receive credit. Your work must be done in a neat well organized easy to follow manner. Population 700,000 Under 16 70,000 Incarcerated 70,000 Retired 37,000 Working Part Time Looking For Full Time 77,000 Homemakers 30,000 Lost Job 77,000 17,000 of them have given up looking
Given the below information you are to find the labor force participation rate and the
Population 700,000
Under 16 70,000
Incarcerated 70,000
Retired 37,000
Working Part Time
Looking For Full Time 77,000
Homemakers 30,000
Lost Job 77,000 17,000 of them have given up looking
Labour force is defined as that share of the population which is actively searching for work. It is the summation of the number of unemployed individuals and the number of employed individuals. The term “unemployment rate” is defined as that fraction of labour force which is not employed or unemployed.
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