LUCIA: Let me ask you a question to see if you can apply your knowledge. Consider an economy with 15 full-time workers, 14 part-time workers, 8 workers who have been laid off but are actively looking for a new job, and 4 formerly full-time workers who have been without a job for over a year, failed to find any, and gave up looking. Can you please calculate the total labor force and the unemployment rate for this economy? GINNY: The total labor force is workers and the unemployment rate is 29.0000%

LUCIA: Let me ask you a question to see if you can apply your knowledge. Consider an economy with 15 full-time workers, 14 part-time workers, 8 workers who have been laid off but are actively looking for a new job, and 4 formerly full-time workers who have been without a job for over a year, failed to find any, and gave up looking. Can you please calculate the total labor force and the unemployment rate for this economy? GINNY: The total labor force is workers and the unemployment rate is 29.0000%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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