Suppose you are given the following information: Labor force Adults in the military Nonadult population Employed adults Institutionalized adults Nonmilitary, noninstitutionalized adults not in labor force a. What is the total population? 298.8 million. (Enter your response rounded to one decimal place.) b. Calculate the total number of unemployed people. million. (Enter your response rounded to one decimal place.) Calculate the unemployment rate. % (Enter your response as a percentage rounded to two decimal places.) 206.29 2.67 46.22 194.46 2.82 40.78

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 45P: A country with a population of eight million adults has five million employed, 500,000 unemployed,...
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Suppose you are given the following information:
Labor force
Adults in the military
Nonadult population
Employed adults
Institutionalized adults
Nonmilitary, noninstitutionalized adults not in labor force
a. What is the total population? 298.8 million. (Enter your response rounded to one decimal place.)
b. Calculate the total number of unemployed people. million. (Enter your response rounded to one decimal place.)
Calculate the unemployment rate. % (Enter your response as a percentage rounded to two decimal places.)
206.29
2.67
46.22
194.46
2.82
40.78
Transcribed Image Text:Suppose you are given the following information: Labor force Adults in the military Nonadult population Employed adults Institutionalized adults Nonmilitary, noninstitutionalized adults not in labor force a. What is the total population? 298.8 million. (Enter your response rounded to one decimal place.) b. Calculate the total number of unemployed people. million. (Enter your response rounded to one decimal place.) Calculate the unemployment rate. % (Enter your response as a percentage rounded to two decimal places.) 206.29 2.67 46.22 194.46 2.82 40.78
Expert Solution
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When a person actively looking for work is unable to do so, they are said to be unemployed. In terms of the production shortfall, unemployment represents a cost to the economy. In other words, when workers are unable to produce because they lack employment, the economy as a whole produces less. Ages 16 and older who are unemployed but seeking for work are included in the total number of unemployed people.

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