Assume the following data for a country:Number of People,CategoryMillionsTotal populationPopulation under 16 years of age or institutionalized500120Not in the labor force100UnemployedPart-time workers looking for full-time jobs2810Instructions: Enter your answers as a whole number.a. What is the size of the labor force?millionb. What is the official unemployment rate?percent

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Number of People, Category Millions Total population Population under 16 years of age or institutionalized Not in the labor force 500 120 100 Unemployed Part-time workers looking for full-time jobs 28 10 nstructions: Enter your answers as a whole number. . What is the size of the labor force? million -. What is the official unemployment rate? percent

Number of People, Category Millions Total population Population under 16 years of age or institutionalized Not in the labor force 500 120 100 Unemployed Part-time workers looking for full-time jobs 28 10 nstructions: Enter your answers as a whole number. . What is the size of the labor force? million -. What is the official unemployment rate? percent

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 2WNG

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Assume the following data for a country: Number of People, Millions Category Total population Population under 16 years of age or institutionalized 500 120 Not in the labor force 140 Unemployed Part-time workers looking for full-time jobs 12 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force? million b. What is the official unemployment rate? percent
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