Suppose a government report about a country's employment situation reveals the following data (all values are in milliOnS 250 = Working-age population 120 = Employed people 23 = People not working but actively looking for work 24 = Unemployed people who have stopped looking for work 83 = People not working and not seeking work If the country in question is the United States, these data are obtained from From the data above, it can be determined that this country's labor force is million people. It can be determined that this country's unemployment rate is %. (Round your response to one decimal place.) The data indicate that the country's participation rate is %. (Round your response to one decimal place.)

Suppose a government report about a country's employment situation reveals the following data (all values are in milliOnS 250 = Working-age population 120 = Employed people 23 = People not working but actively looking for work 24 = Unemployed people who have stopped looking for work 83 = People not working and not seeking work If the country in question is the United States, these data are obtained from From the data above, it can be determined that this country's labor force is million people. It can be determined that this country's unemployment rate is %. (Round your response to one decimal place.) The data indicate that the country's participation rate is %. (Round your response to one decimal place.)

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

Suppose a government report about a country's employment situation reveals the following data (all values are in millions of people).
250 = Working-age population
120 = Employed people
23 = People not working but actively looking for work
24 = Unemployed people who have stopped looking for work
83 = People not working and not seeking work
If the country in question is the United States, these data are obtained from
From the data above, it can be determined that this country's labor force is
million people.
It can be determined that this country's unemployment rate is %. (Round your response to one decimal place.)
The data indicate that the country's participation rate is %. (Round your response to one decimal place.)

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