Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1: Year 1 400 million 230 million 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? million million b. How many people are employed in each year? Year 1: million Year 2: Year 2: Year 2 410 million 240 million 4.5 percent million

Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1: Year 1 400 million 230 million 6 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? million million b. How many people are employed in each year? Year 1: million Year 2: Year 2: Year 2 410 million 240 million 4.5 percent million

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Explain in detail, how we define the employed, the unemployed, and who is in the labor force?
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Assume the following data for a country: Number of People, Millions Category Total population Population under 16 years of age or institutionalized 500 120 Not in the labor force 140 Unemployed Part-time workers looking for full-time jobs 12 10 Instructions: Enter your answers as a whole number. a. What is the size of the labor force? million b. What is the official unemployment rate? percent
part D E F
Suppose the non-institutional civilian population in a nation is 120 million, of which 80 million are employed and 10 million are unemployed. From this, the labor force participation rate is ______, and the unemployment rate is ________. Select one: a. 66.7%; 12.5% b. 75%; 11.1% c. 75%; 12.5%
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