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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
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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.
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