other industries, 2,000 spend three months looking for a job but get discouraged and decide to stay home and wait for better economic conditions, and as of December 2022 the remaining 400 have not found a job yet but are actively searching. Find the official unemployment rate and the labor-force participation rate in December 2022 if the only change in the adult population during the year was the tragic loss of 200 non-working retirees and 10 crew members in a local plane crash.
In December 2021, a small island country has an adult population of 20,000. The number of employed is 9,000 and the number of unemployed is 1,000.
(a) Find the
(b) In June 2022, a foreign bank opens a branch in the capital of the country and hires 700 students who graduated from college in May 2022. In July 2022, a local company decides to close its factory laying off 3,000 workers. 600 of them find jobs in other industries, 2,000 spend three months looking for a job but get discouraged and decide to stay home and wait for better economic conditions, and as of December 2022 the remaining 400 have not found a job yet but are actively searching. Find the official unemployment rate and the labor-force participation rate in December 2022 if the only change in the adult population during the year was the tragic loss of 200 non-working retirees and 10 crew members in a local plane crash.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
