### Measuring UnemploymentSuppose that the U.S. non-institutional adult population is 230 million and the labor force participation rate is 67 percent.**a. What would be the size of the U.S. labor force?**To determine the size of the U.S. labor force, you multiply the non-institutional adult population by the labor force participation rate.\[ \text{Labor Force} = \text{Non-Institutional Adult Population} \times \text{Labor Force Participation Rate} \]\[ \text{Labor Force} = 230 \text{ million} \times 0.67 \]\[ \text{Labor Force} = 154.1 \text{ million} \]So, the size of the U.S. labor force would be 154.1 million.**b. If 85 million adults are not working, what is the unemployment rate?**First, determine the number of people in the labor force who are unemployed. Since we know the total labor force and the number of adults not working:\[ \text{Unemployed} = 85 \text{ million} \]Next, calculate the unemployment rate using the formula:\[ \text{Unemployment Rate} = \left( \frac{\text{Number of Unemployed}}{\text{Labor Force}} \right) \times 100 \]\[ \text{Unemployment Rate} = \left( \frac{85 \text{ million}}{154.1 \text{ million}} \right) \times 100 \]\[ \text{Unemployment Rate} \approx 55.2\% \]Therefore, the unemployment rate would be approximately 55.2%.

a. Unemployment is a situation in which the workers are willing to work at the prevailing wage rate…

(Measuring Unemployment) Suppose that the U.S. non- institutional adult population is 230 million and the labor force participation rate is 67 percent. a. What would be the size of the U.S. labor force? b. If 85 million adults are not working, what is the unem- ployment rate?

(Measuring Unemployment) Suppose that the U.S. non- institutional adult population is 230 million and the labor force participation rate is 67 percent. a. What would be the size of the U.S. labor force? b. If 85 million adults are not working, what is the unem- ployment rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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