past labour force survey conducted by the ABS: Labour force: 12,092,000 Employment: 11,457,000 Working-age population: 18,462,000 Using the above data appropriately calculate the following: i. Unemployment rate. ii. Labour force participation rate. iii. Employment-to-

past labour force survey conducted by the ABS: Labour force: 12,092,000 Employment: 11,457,000 Working-age population: 18,462,000 Using the above data appropriately calculate the following: i. Unemployment rate. ii. Labour force participation rate. iii. Employment-to-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The following data was extracted from a past labour force survey conducted by the ABS:

Labour force: 12,092,000

Employment: 11,457,000

Working-age population: 18,462,000

Using the above data appropriately calculate the following:

i. Unemployment rate.

ii. Labour force participation rate.

iii. Employment-to-population ratio.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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