Suppose the 2010 population census in Ghana indicated that there are 120,000 people in the country. 20,000 are children, 18000 are in retirement. 72,000 have jobs and 8,000 are unemployed persons and 2,000 are discouraged, workers. Answers the following questions: a. Compute the Total Labor Force b. Compute the Labour Force Participation Rate c. Compute the unemployment rate d. A decrease in the unemployment rate is not necessarily a sign of an improvement in an economy. Explain e. An economist has stated that Ghana's unemployment rate is too high so the government should strive for a zero unemployment rate. Do you agree or disagree with the statement and why?
Suppose the 2010 population census in Ghana indicated that there are 120,000 people in the country. 20,000 are children, 18000 are in retirement. 72,000 have jobs and 8,000 are unemployed persons and 2,000 are discouraged, workers. Answers the following questions: a. Compute the Total Labor Force b. Compute the Labour Force Participation Rate c. Compute the unemployment rate d. A decrease in the unemployment rate is not necessarily a sign of an improvement in an economy. Explain e. An economist has stated that Ghana's unemployment rate is too high so the government should strive for a zero unemployment rate. Do you agree or disagree with the statement and why?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose the 2010 population census in Ghana indicated that there are 120,000 people in the country. 20,000 are children, 18000 are in retirement. 72,000 have jobs and 8,000 are unemployed persons and 2,000 are discouraged, workers. Answers the following questions:
a. Compute the Total Labor Force
b. Compute the Labour Force Participation Rate
c. Compute the
d. A decrease in the unemployment rate is not necessarily a sign of an improvement in an economy. Explain
e. An economist has stated that Ghana's unemployment rate is too high so the government should strive for a zero unemployment rate. Do you agree or disagree with the statement and why?
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