Refer to the table below. Calculate the number of people considered "employed," the number considered "unemployed," the "unemployment rate" and the "labor force participation rate" (LFR). The number of people who are employed = The number of people who are unemployed = Calculate the unemployment rate: Calculate the labor force participation rate: Number of adults20,000Number of adults who are paid employees8,000Number of adults who work in their own businesses1,600Number of adults who are unpaid workers in a family member's firm1,000Number of adults who were temporarily absent from their jobs due to flooding or earthquake400Number of adults waiting to be recalled to a job from which they were laid off200Number of adults who do not have a job, are available to work, and have tried to find a job within the past 4 weeks1,400Number of adults who do not have a job, are available to work, but have not tried to find a job within the past 4 weeks780Number of adults who are full time students3,000Number of adults who are homemakers or retirees3,620

The number of employed people or unemployed people collectively determines the labor force of an…

Answered: Refer to the table below. Calculate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the table below. Calculate the number of people considered "employed," the number considered "unemployed," the "unemployment rate" and the "labor force participation rate" (LFR).

The number of people who are employed =

The number of people who are unemployed =

Calculate the unemployment rate:

Calculate the labor force participation rate:

Number of adults	20,000
Number of adults who are paid employees	8,000
Number of adults who work in their own businesses	1,600
Number of adults who are unpaid workers in a family member's firm	1,000
Number of adults who were temporarily absent from their jobs due to flooding or earthquake	400
Number of adults waiting to be recalled to a job from which they were laid off	200
Number of adults who do not have a job, are available to work, and have tried to find a job within the past 4 weeks	1,400
Number of adults who do not have a job, are available to work, but have not tried to find a job within the past 4 weeks	780
Number of adults who are full time students	3,000
Number of adults who are homemakers or retirees	3,620

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