Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million, Unemployment rate=5% Calculate the number of people unemployed
Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million, Unemployment rate=5% Calculate the number of people unemployed
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 6WNG
Related questions
Question
100%
Labor force participation rate 60%, Population (assume everyone is over 16 years of age, civilian, non-institutionalized in this economy) 150 million,
Calculate the number of people unemployed
Expert Solution
Step 1
Unemployment rate: - it is the percentage of people out of the total labor force who are able and looking for a job but did not get one.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning